In a recent tweet, John Deaton, the attorney defending XRP investors, attacked the United States Securities and Exchange Commission (SEC), putting another vocal to the current controversy about the SEC’s handling of the XRP litigation.
Moreover, Deaton said that SEC attorneys are more interested in pushing their agenda than following the law. Continuing, he pointed out that the attorneys working for the SEC are the ones who enact the law, even though they do not follow it.
In a tweet, Deaton, the founder of CryptoLaw, implied that he would be humiliated as a previous federal prosecutor since the SEC’s recent rulings highlight the significance of respecting the law’s supremacy and maintaining the public’s faith in our institutions.
Consequently, the judge’s severe remarks in the Ripple case have prompted a broader discussion regarding governing agencies’ role and capacity to enact regulations.
Judge highlights uncertainty in LBRY case
In relation, John Deaton tweeted that he would soon be ready to provide the transcripts from the previous two LBRY case hearings on CryptoLawsUS. He stated that without reading them, you would not know how a judge begged the SEC to establish clarity for platform users and secondary market participants.
Nevertheless, the SEC rejected the judge’s request, citing the lack of detail in the documents. In light of this, Deaton and ICAN did the bare minimum by filing amicus briefs urging the court to exclude secondary market transactions from the scope of his order.
As transcripts of the hearings are set to be published, they are expected to shed further light on the contentious issues at the heart of the case.
SEC Faces Criticism for Conduct and Behavior
In conclusion, the Securities and Exchange Commission has been under fire for its actions and how it has been handling complaints in recent years. According to experts, the likelihood of victory increases as courts examine the SEC more closely.
However, the struggle will likely be waged in the courts until Congress makes changes, which may take years. Furthermore, John Deaton said although it’s probable you’ll find the thought of doing so intimidating, there is still a great opportunity that Gary Gensler, the prevailing Chairman of the SEC, will only be in his post for a while.
Consequently, there is optimism that adjustments will be made to solve many people’s issues regarding the SEC’s behavior. Meanwhile, it’s critical to keep holding the SEC responsible and pursuing reform via the judicial system.