SEC Threatening To Bankrupt Crypto Business, XRP Lawyer Claims

The U.S. Securities and Exchange Commission (SEC) is on the radar of digital asset industry leaders over its alleged regulatory overreach. An Amicus Curiae in the XRP lawsuit has claimed that the SEC lawyers are threatening to bankrupt an American entrepreneur before filing a lawsuit against them.

XRP lawyer ready to testify

John Deaton, XRP holders’ lawyer in the Ripple lawsuit has made a big allegation against the commission. He stated that the SEC threatened and filed enforcement actions in opposition to crypto firms. However, these cases do not involve fraud and misrepresentation.

He further claimed that these enforcement actions came when the commission held several meetings with Bernie Madoff. XRP lawyer called out US representatives and stated that he would like to testify about all the information he received about this matter.

Deaton added that he is ready to provide evidence around the modus operandi of how the SEC is handling the digital asset firms in the U.S.. Meanwhile, the XRP price currently stands at $0.40694, down by 3.69% in the last 24 hours, according to CoinGape price tracker.

SEC Vs LBRY legal tussle

XRP lawyer brought up the LBRY vs SEC lawsuit and directed that the commission is bankrupting the crypto firms by this process. As per claims, the blockchain firm is almost dead now while the SEC has been threatening them privately for three years.

However, Jeremy Kauffman, CEO of LBRY in hearing raised a voice for providing clarity for their platform user. While he demanded clarity regarding the secondary market transactions. The court will be having an end hearing in the case on January 30.

LBRY CEO mentioned that they have begged in front of the SEC and had agreed to do any kind of changes. They offered to make changes around Ethereum and Bitcoin that carries non securities designation.