Ripple Labs could have potentially avoided the SEC lawsuit if it had chosen the right law firm, according to attorney John Deaton.
Former SEC officials’ testimony could have classified XRP as a non-security, undermining the SEC’s allegations against Ripple CEO Brad Garlinghouse.
Attorney John Deaton addressed the importance of accountability within regulatory bodies, emphasizing the need to hold both current and previous figures responsible, such as Gary Gensler and Jay Clayton, to maintain fairness and consistency in regulatory actions, particularly in relation to the "Safe Harbor" proposal for cryptocurrencies. Deaton also discussed the complexities of the Ripple legal case and the potential influence it may have on the SEC's approach to other cryptocurrencies, highlighting the urgency of regulatory clarity in order to prevent financial harm in the industry.
Uphold CEO Simon McLoughlin discusses the impact of the SEC vs. Ripple case, upcoming product launches including Uphold Vault, and plans for institutional and enterprise adoption.
Ripple's chief legal officer criticizes the SEC's latest submission as a "contradictory shift" and highlights SEC Chair Gary Gensler's inconsistency and appetite for expanded regulation.
Despite recent losses in court, SEC Chair Gary Gensler remains firm in his belief that his agency should regulate cryptocurrencies as securities, stating that most crypto assets meet the Howey Test and should comply with securities laws. The SEC's defeats in cases against Ripple and Grayscale have not deterred Gensler's stance, and he plans to convey this to lawmakers during a Senate Banking Committee hearing.
Ripple CEO Brad Garlinghouse believes that the United States is currently the worst place to launch a cryptocurrency startup, pointing to countries like Singapore, the UK, the UAE, and Switzerland as examples of jurisdictions with more favorable crypto policies. He also criticizes the SEC for its lawsuits against the industry and suggests that recent court wins for Ripple and Grayscale may indicate a shift in the court's perspective. Despite the US being a big market for Ripple, Garlinghouse says the company is expanding services to countries that better understand the potential benefits of blockchain technology.
Lawyer John Deaton, who represents XRP token holders in the Ripple-SEC lawsuit, has officially submitted his notice of appearance in the LBRY lawsuit as an Amicus Curiae on behalf of Naomi Brockwell, founder of Crypto Law, showing his active engagement in legal proceedings surrounding cryptocurrency regulations and actions.
Summary: The United States SEC's Crypto Enforcement Chief, David Hirsch, has warned that more punishment and charges will be brought against crypto exchanges and De-Fi projects that do not comply with the law, targeting not just the top players but the entire industry. The SEC will continue conducting investigations and taking action in the space.
Ripple CEO Brad Garlinghouse criticizes SEC Chair Gary Gensler, accusing him of pursuing power and politics instead of sound policy, while XRP price remains strong despite being delisted from NYDFS' approved tokens list.
