Just-In: XRP Lawyer Looks To Build Union Against US SEC Enforcement

XRP News: U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has launched multiple enforcement actions over digital asset related firms over the past few months. In his latest comments, Gensler suggested that Proof-of-stake (PoS) tokens need to be regulated as securities. However, John Deaton, Amicus Curiae in the XRP lawsuit aimed to build a union against the US SEC’s enforcement.

XRP lawyer’s Team To Go After US SEC?

Attorney John Deaton, XRP holders’ lawyer taking the initiative mentioned that anyone from the crypto industry who is involved in active litigation with US SEC or being asked to settle prior to an enforcement action can join him.

He highlighted that this is an attempt to assemble a group of individuals or companies who the commission alleges violated section 5 of the Securities Act. This involves the allegations of issuing, offering, or selling a token that the US SEC claims to Satisfy the Howey test.

Also Read: SEC vs CFTC: Gary Gensler Wants to Treat All PoS Crypto As Securities

Deaton mentioned that it is the software code which is the US SEC is claiming to be an investment contract regardless of the seller or the circumstances encircling the sale. He added that it would have been proved helpful if the defense teams in the Ripple and LBRY lawsuits would have communicated with each other and worked against the commission. Read More XRP News Here…

This development comes in while reports surface claiming that Gensler is aiming to speed up its staff for crypto enforcement actions. However, the US SEC chair has already doubled up its staff designated for crypto.

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