XRP News: John Deaton Requests Congress To Subpoena US SEC And Gary Gensler
John Deaton, a lawyer representing 75k XRP investors impacted by the U.S. SEC vs Ripple Labs case, took to X in response to the U.S. Securities and Exchange Commission (SEC) not complying with the law in issuing SAB 121. The Government Accountability Office (GAO) finds that SAB 121 by the U.S. SEC was drafted with no input from regulators and the public.
XRP Laywer Reacts To SEC Breaking The Law
Pro-XRP lawyer John Deaton in a post on X said it is a clear statement from the U.S. GAO that the Securities and Exchange Commission (SEC) under Chair Gary Gensler broke the law.
Reacting to the SEC issuing SAB 121 without congressional review, Deaton highlighted the mistakes the SEC voluntarily made against crypto, hurting investors rather than protecting them.
“It was an incredible statement for a federal judge to make. I was shocked at the little attention MSM paid to such a shocking statement. Here’s what I can say with great conviction: Today, the SEC does more to hurt investors than it does to protect investors. It has become both an inept and corrupt organization.”
In addition, he argues that the SEC has consistently failed to follow the law when it comes to the Ripple lawsuit. Federal judges literally stated the SEC’s enforcement lawyers and the SEC leadership as “hypocrites” for their irrational approach towards regulating crypto. He also but they also “lack a faithful allegiance to the law.”
Federal judges have called the US SEC’s claims “arbitrary and capricious” in the Grayscale lawsuit and Judge Netburn in the Ripple XRP lawsuit used the word “hypocrisy” to describe the SEC’s inconsistent positions.
Read More: Ripple Q3 Report Shows 5% US Exchange Growth Amid Legal Win
XRP Price Continues Rally
XRP price jumped more than 0.4% in the past 24 hours, continuing its rally in the earlier weeks. The price has increased nearly 20% last month, with the price currently trading at $0.6017.
The 24-hour low and high are $0.582 and $0.612, respectively. However, trading volume has decreased ahead of the U.S. Fed rate hike decision. As per Coingape news, XRP price is lined for a breakout above $1 and shall beak $2 in November 2023.
Also Read:
- Binance Delisting ADA, MATIC, SHIB, LUNA, LUNC & 18 Other Crypto Margin Pairs
- Binance’s Terra Luna Classic (LUNC) Burn Reaches 40 Billion
- OpenAI Rival Baidu Unveils Chatbot Ernie’s Paid Version
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia
- Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
