Ripple News: Is SEC Chair Gary Gensler’s Tenure in Jeopardy? Pro-XRP Lawyer Explains Impact of IG Investigation
Anjali Belgaumkar18 Sept 20242 min read
Pro-XRP lawyer John Deaton recently addressed the developments surrounding Ripple, particularly in relation to the ongoing lawsuit over the past three years. On the Good Morning Crypto Show, he stressed the importance of government transparency, explaining how figures like Senator Elizabeth Warren, despite being anti-crypto, have not raised questions about SEC Chair Gary Gensler’s private meetings with Sam Bankman-Fried.
John pointed out that no records from these meetings have been made public, despite Bankman-Fried being the second-largest donor to the Democratic Party, raising concerns about secrecy in government dealings.
John opened up about the importance of transparency, referring to findings from the Ripple case. He pointed out that internal SEC emails revealed officials wanted to keep regulations unclear, especially about Ethereum, to maintain flexibility in enforcement. He argued that the SEC prefers vague laws, allowing them to take action when it suits them.
The attorney said, “We need to get that transparency. We learned in the Ripple case, we got some of the emails between different SEC folks where they were actually saying things like, ‘We’d rather have it vague. If we say something about Ethereum, it’ll limit our ability to go after them.’ Our government, like the SEC, loves for the law to be vague because it allows maximum opportunity to prosecute people and engage in regulation by enforcement.”
He also brought to attention an ongoing investigation by the Inspector General, following a lawsuit by Empower Oversight against the SEC over conflicts of interest, especially regarding Ethereum’s treatment. The report is expected soon, and John is keen to see its results.
For the unversed, Ripple’s legal battle with the U.S. Securities and Exchange Commission has officially come to an end. Ripple’s Chief Legal Officer confirmed the conclusion of the case, marking a major victory for XRP holders who have followed the lawsuit since its inception in 2020.
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