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John Deaton, founder of the CryptoLaw law firm and well-known XRP enthusiast, went for angry tirade v. US Securities and Exchange Commission. Anger came in response to the recent News reports that the SEC is investigating major crypto exchange Coinbase for trading in unregistered securities, a term regulators have begun to use to specifically refer to cryptocurrencies.
The founder of CryptoLaw was particularly unhappy with the fact that despite Coinbase being cleared for an IPO with XRP and other tokens under investigation four years ago, the SEC still filed a case. In fact, Coinbase delisted XRP after an investigation began against it in December 2020 and regulators noted the exchange’s approach to legal handling of securities.
Whatever you think @brian_armstrong or @coinbase, this is NOT how regulation should work. Coinbase was allowed to go public with tokens such as #XRP and others. 4 years ago, senior SEC officials praised Coinbase for its securities structure. Currently, @GaryGensler ignores history.#Shameful https://t.co/gfMQKYyQIr
— John Deaton (208k followers, beware of impostors) (@JohnEDeaton1) July 26, 2022
According to Deaton, regardless of the attitude towards Coinbase and its CEO Brian Armstrong, regulation does not work that way, and the actions of the SEC, which began with the XRP case, led the crypto community to war with the regulator.
Case Coinbase
Today’s news of the SEC investigation into Coinbase follows a story last week in which a former exchange employee was arrested on suspicion of insider trading. In turn, the exchange also sued the suspect, but denied any involvement in trading in unregistered securities, pointing out the outdated legislation to the regulator and emphasizing the need to clarify the regulation of the cryptocurrencies themselves.
The exchange also reproached the SEC for applying repressive measures instead of establishing a dialogue. This attitude was also cited by Ripple CEO Brad Garlinghouse, who accused the SEC of taking a coercive approach instead of working towards clear regulation of the industry.
Credit : u.today