John Deaton, a lawyer representing 75k XRP investors impacted by the U.S. SEC vs Ripple Labs case, criticized the U.S. Securities and Exchange Commission (SEC) for not complying with the law in issuing SAB 121. The Government Accountability Office (GAO) found that SAB 121 was drafted without input from regulators and the public.
In response to the SEC's actions, pro-XRP lawyer John Deaton expressed his concerns on X. He stated that the GAO's findings clearly indicate that the SEC, under Chair Gay Gensler, broke the law.
Deaton emphasized that the SEC's issuance of SAB 121 without congressional review was a mistake that negatively impacted crypto investors. He criticized the SEC for prioritizing its own interests over investor protection, stating that the organization does more harm than good. Deaton also accused the SEC of consistently disregarding the law in the Ripple lawsuit, with federal judges labeling the SEC's enforcement lawyers and leadership as 'hypocrites' and lacking allegiance to the law.
Deaton highlighted the criticism from federal judges in the Ripple XRP lawsuit, who described the SEC's claims as 'arbitrary and capricious' and accused the organization of 'hypocrisy' due to its inconsistent positions.
Despite the legal challenges faced by Ripple, the price of XRP has continued to rally. Over the past month, the price has increased by nearly 20%, currently trading at $0.60. In the past 24 hours, XRP saw a 1% jump in price. However, trading volume has decreased ahead of the U.S. Fed rate hike decision.
John Deaton's reaction to the SEC's actions highlights the concerns surrounding the organization's compliance with the law and its impact on crypto investors. The criticism from federal judges further supports the argument that the SEC's approach towards regulating crypto has been inconsistent and hypocritical. Despite the legal challenges, XRP has experienced a price rally, demonstrating resilience in the face of adversity.
