24/7 Cryptocurrency News

XRP Lawyer Calls Out SEC For Selective Enforcement; Cites Japanese Bank Case

XRP lawyer mentioned that his agency Crypto Law will be releasing a new video clip asking the same question to the watchdog.
Published by
XRP Lawyer Calls Out SEC For Selective Enforcement; Cites Japanese Bank Case

Japan based bank launched a new program in order to reward its new and existing customers which turns out to be a big win for Ripple’s XRP. However, XRP’s lawyer has mocked the U.S. SEC stating its claim over the token’s nature.

Advertisement

XRP lawyer mocks SEC

Shinsei Bank recently announced that existing or incoming users will be eligible for the reward with coupons for depositing yen. It added that the reward will be issued in the form of Ripple’s XRP or Bitcoin (BTC). This reward service will run till October 31, 2022.

However, this caught the eye of Jame Deaton the XRP holders’ lawyer in the crucial lawsuit against the commission. Slamming the SEC, he stated that somebody better tell the director that a bank in Japan deals in illegal securities.

He added that Gurbir Grewal Director, Division of Enforcement testified under oath that the SEC does not engage in selective enforcement. Meanwhile, the commission and his lawyer are absurdly claiming that XRP is a security.

Deaton mentioned the Japan based bank is offering Bitcoin and XRP rewards to their customers. However, he questioned why would a bank will equate BTC with XRP. While he jokingly said that this bank knows about the SEC and its assertions over the XRP.

Advertisement

Is SEC violating the law?

He then again mocked the commission claiming that it is a violation of 76 years of precedent. Deaton gave another example that a bank in Australia is doing the same thing. He added that there is something that the SEC doesn’t know that rest of the regulators know.

XRP lawyer mentioned that his agency Crypto Law will be releasing a new video clip asking the same question to the watchdog. He further added that maybe the director will testify that the speech was screened of conflict. However, Deaton believes that the director won’t answer that.

Advertisement

Share
Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025
  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025
  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025
  • 24/7 Cryptocurrency News

Expert Predicts SHIB Rally as Shiba Inu Restores Shibarium After $4M Hack Shutdown

Shiba Inu’s Layer 2 network, Shibarium, has returned online following a $4 million exploit that…

October 4, 2025