XRP community lawyer John Deaton rebukes FSC Chair Patrick McHenry for failing to subpoena SEC chair Gary Gensler over his refusal to comply with congressional oversight requests.
Pro-XRP lawyer John Deaton has chided U.S. Rep Patrick McHenry, the chair of the Financial Service Committee (FSC), for not issuing a subpoena to SEC Chair Gary Gensler despite his refusal to comply with Congressional oversight requests.
“I’ve been a supporter of @PatrickMcHenry. But he has yet to issue a subpoena to @GaryGensler, who refuses to comply with a single congressional oversight request,” Deaton said.
Deaton, who represents thousands of XRP holders in the SEC v. Ripple case, asserted that Congress should have issued multiple subpoenas to Gensler for obstructing congressional oversight.
I’ve been a supporter of @PatrickMcHenry. But he has yet to issue a subpoena to @GaryGensler, who refuses to comply with a single congressional oversight request. Let’s be honest, there should’ve been multiple subpoenas issued to Gensler and the @SECGov by now. https://t.co/24nERoyu83
— John E Deaton (@JohnEDeaton1) November 14, 2023
Top Journalist Accuses Gensler of Shielding China
The top lawyer made the remark in reaction to a tweet from the New York Post columnist Brian Costello. In a tweet yesterday, Costello accused the FSC chair of allowing Gensler to provide a shield for China within the United States Capital Markets.
Per Costello, the move not only supports China’s economic growth but also fuels the country’s military operations. He mentioned McHenry as the only person who has the capabilities to shed light on the Biden administration protecting China via the SEC.
“Will you act in the interest of the American people and the men and women who protect this country?” Costello quizzed.
Congress Threatens to Subpoena Gensler
Last month, House Republicans threatened to subpoena the SEC for information over its regulatory environmental, social, and governance efforts.
According to a letter from James Comer, Chair of the House Oversight and Accountability Committee, Gensler was accused of obstructing congressional oversight.
Comer noted that Congress could be forced to use compulsory processes, including subpoenas if Gensler does not cooperate with the Committee’s oversight.
Similarly, McHenry slammed Gensler for not complying with congressional oversight requests in September. For one, the SEC chair has yet to comply with FSC’s request regarding his interaction with former FTX CEO Sam Bankman-Fried (SBF).
“As I said, our patience is wearing thin. The SEC is not above the law, nor is it unique. Other financial regulators have routinely complied with congressional oversight,” McHenry said.
The FSC chair disclosed that he could issue a subpoena if Gensler refuses to acknowledge that the SEC is responsive to Congress’ oversight rules.
However, McHenry has still not issued any subpoena to Gensler despite the SEC chair’s continued refusal to comply with congressional oversight requests.