XRP Amicus Curiae Attorney John E. Deaton Target Senator Warren
On Sunday, XRP amicus curiae attorney John E. Deaton targeted anti-crypto Senator Elizabeth Warren. Responding to a post on X (formerly Twitter), Deaton said,
“She sits on the banking committee in the Senate but refused to help over 300 individual Massachusetts investors who reached out and asked her for help. She refused to even write a letter to the SEC on behalf of investors.”
Deaton went on to say,
“Instead of signing the letter to the SEC, Warren instead, sent SEC Chair Gensler a copy of the questions she intended to ask him during an SEC oversight hearing and provided him with the suggested answers. This was a direct violation of the oath she took as a US Senator and it per se disqualifies her from the office she holds.”
The crypto community is responding to the increased threat from US regulators. Last week, the CFTC warned of greater scrutiny, exposing the crypto market to a three-pronged attack from the SEC, CFTC, and the DoJ.
Significantly, the increased scrutiny of the digital asset space comes amidst a string of SEC losses in the courts. While regulators and the DoJ increase the focus on cryptos, the regulatory landscape remains in the hands of US lawmakers and the courts.
The outcome of high-profile SEC cases against Ripple, Kraken, and Coinbase (COIN) could materially impact the US digital asset space. More SEC losses could force lawmakers to introduce legislation that supports innovation while protecting consumer investors.
The court ruling on the Coinbase motion to dismiss (MTD) and the Ripple penalty for XRP sales to institutional investors are likely focal points. On January 17, 2024, Judge Katherine Failla will hear Coinbase MTD-related oral arguments. The SEC and Ripple must complete remedies-related discovery by February 12, 2024.
These dates could prove pivotal for the US crypto market. If Judge Failla grants the Coinbase MTD and the Ripple penalty is less than its $150 million legal bill, pressure could mount on lawmakers to end the SEC’s rein of regulation by enforcement. Significantly, the rulings could influence SEC plans to appeal the XRP Programmatic Sales ruling.
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