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John Deaton, the attorney representing the thousands of XRP token holders in the Ripple Vs US Securities and Exchange Commission (SEC) lawsuit, argued that there was no scope for working together with the agency owing to its acting in the bad faith with the crypto market participants.
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Working Together With Regulators
The attorney commented in response to a call for regulators and entrepreneurs learning to work together. Anthony Pompliano, a popular investor and influencer, had earlier said there was a need to embrace Bitcoin and stablecoins to cement the United States’ position as the leader of the financial world. In this context, Deaton showed no optimism around working closely with the agency.
Stating that the US SEC Chair Gary Gensler and the SEC were acting in bad faith, he said there was no way companies could work with that type of regulator. He further explained the stance in terms of dealing with the agency,
“You defeat them. Remove them. Then you work with the good faith regulator who replaces him.”
Meanwhile, the Ripple Labs had on Friday, September 2, 2023, opposed the SEC’s efforts to certify an interlocutory appeal. This comes following the July 2023 Summary Judgment in the XRP lawsuit, that ruled in favor of Ripple when it comes to the retail sale of the tokens.
Will Gary Gensler Be Overthrown?
Considering the huge uproar from investor and trader community over the anti-crypto enforcement actions, there have been repeated calls for the sacking of Gary Gensler from his role as the SEC Chair. Attorney Deaton expressed that removing the current establishment is the only way forward for the crypto community. Ahead of the election year 2024 in the United States, will Gensler be removed from the SEC responsibilities?
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