XRP Lawyer: ‘Con Man’ Gary Gensler Similar To SBF

XRP News: Even as the U.S. Securities and Exchange Commission’s (SEC) crackdown on crypto operations spreads, the XRP community is criticizing the regulator’s restrictive moves. In a latest, XRP lawyer John Deaton compared SEC chair Gary Gensler to former FTX CEO Sam Bankman-Fried, over the handling of crypto token registrations. In contrast with the crypto related laws in other countries, the US regulators are being criticized of failing to provide enough clarity around the rules. On top of the lack of clarity, the SEC is playing the rule of an enforcement agency, it is popularly believed among crypto traders.

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Crypto Token Registrations

After Gensler recently faced the ire for saying “all cryptocurrencies except Bitcoin are securities,” data on the crypto companies that registered with the SEC are at the forefront. The SEC chair has been maintaining that only a few crypto tokens had registered under the existing regime. However, it is reported that none of the crypto tokens were registered while Gensler was at office the whole time since April 2021. This essentially implies that the lack of regulatory clarity is preventing crypto market companies from coming forward with disclosures.

Meanwhile, John Deaton called Gary Gensler a ‘con man’, drawing a comparison with FTX co-founder SBF. “No wonder they got along so well,” he said about Gensler’s relationship with SBF.

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Amid all the resistance from the SEC’s lawsuit, the XRP community continues to back Ripple with active engagement. As of writing, XRP price stands at $0.38149, up 0.9% in the last 24 hours, according to CoinGape price tracker. With a current market cap of $19.37 billion, Ripple (XRP) is ranked sixth among major cryptocurrencies.