In the ongoing legal dispute between Coinbase Global Inc. and the U.S. Securities and Exchange Commission (SEC), the XRP holder’s lawyer, John Deaton, has accused the SEC’s top official, Gary Gensler, of ‘gaslighting’ the public and disagreed with his stance on cryptocurrencies.
The SEC rejected Coinbase’s rulemaking request based on three reasons. These reasons include applying current securities laws to cryptocurrencies, the SEC’s engagement with the crypto securities markets through rulemaking, and the significance of preserving the Commission’s discretion in establishing its rulemaking priorities.
John Deaton responded to the SEC Chair’s letter by emphasizing that Coinbase’s rulemaking request relies on the belief in the distinctiveness of the crypto ecosystem concerning asset volatility and the categorization of all assets as securities under current laws. Deaton noted that this stance directly opposes the SEC Chairman’s statements during his congressional testimony earlier this year, where he asserted that crypto lies beyond the commission’s scope due to its unique nature.
Deaton stated that Coinbase’s request relied on the SEC’s perspective, as evidenced by prior communications. He attributed the SEC Chair’s complete reversal on the crypto issue to political motives and backing from Senator Elizabeth Warren.
The U.S. SEC has been sending different signals about its position in the cryptocurrency ecosystem, either through the SEC Chairman’s words or the commission’s actions in general. Amid ongoing legal disputes with Coinbase and Binance over crypto securities, the regulatory body declined to appeal its defeat against Grayscale Investments in a case involving the company’s attempt to transform its Bitcoin Trust into an operational spot Exchange Traded Fund (ETF).
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Gary Gensler, John Deaton, Elizabeth Warren |
| Companies | U.S. Securities and Exchange Commission (SEC), Grayscale Investments, XRP, Coinbase Global Inc., Gary Gensler |
| Currencies | XRP |
| Securities | None |
