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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.
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