Attorney John Deaton believes the Securities and Exchange Commission will lose.
In a recent tweet, CryptoLaw founder attorney John Deaton asserted that the United States Securities and Exchange Commission (SEC) would lose.
The pro-XRP lawyer made this known in response to a tweet by former SEC enforcement official John Reed Stark. In an April 17 tweet, Stark noted that the SEC had commenced a major crackdown on US-based cryptocurrency exchanges.
Stark also shared four recent events indicating that crypto trading platforms will have to stop operating in the United States in their current form.
Newsflash: An SEC crypto-exchange crackdown has begun – and the SEC is apparently taking no prisoners. 4 recent SEC events indicate that crypto-exchanges, platforms, etc. will have to stop doing business in the US, at least in their current form. More at:https://t.co/pCnF98Pyxa pic.twitter.com/YQqEvF9lPE
— John Reed Stark (@JohnReedStark) April 17, 2023
Deaton Thinks Otherwise
Reacting to the tweet, attorney Deaton said the Securities and Exchange Commission would lose. Deaton backed this assertion by citing four examples of how different Judges found the SEC’s arguments to be without merit.
According to Deaton, the Judge in the Ripple lawsuit shamed the SEC for lacking faithful allegiance to the law. For context, the statement was previously made by Judge Sarah Netburn during the argument about William Hinman’s speech.
Furthermore, Deaton said the Judge in the LBRY v. SEC lawsuit slammed the securities regulator over the lack of regulatory clarity.
Per Deaton, the Judge in the Grayscale lawsuit stated that the regulator’s arguments made no sense. Lastly, Deaton said the Judge in the Voyager lawsuit blasted the Securities and Exchange Commission’s ethics and behavior.
In Ripple, the Judge said the SEC “lacks faithful allegiance to the law.” In LBRY, the Judge shamed the SEC over the lack of clarity. In Grayscale, the Court said the SEC’s arguments made no sense. In Voyager, the Judge BLASTED the SEC’s ethics and behavior.
The SEC will lose. https://t.co/CYPCxw5hlS
— John E Deaton (@JohnEDeaton1) April 17, 2023
SEC’s recent regulatory crackdown against crypto companies has sparked reactions among enthusiasts. Many believe the SEC’s adverse enforcement actions against crypto might drive innovation out of the United States. It is interesting to note that Ripple’s General Counsel Stuart Alderoty shares this sentiment.
However, the agency does not care about these concerns, as it continues its regulatory crackdown against crypto businesses. On April 17, the SEC charged popular cryptocurrency trading platform Bittrex and its founder with operating an unregistered national securities exchange.
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