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In a recent video, Massachusetts Representative Stephen Lynch stated that the United States Securities and Exchange Commission (SEC) emerged victorious in its legal battle against Ripple, a leading blockchain company. The statement by Rep. Lynch was made amid ongoing discussions about the SEC's regulatory approach to the cryptocurrency industry.
Defending the SEC against assertions that it uses "regulation by enforcement" strategies without providing clear standards for crypto companies, Representative Lynch addressed these criticisms. He emphasized that under Gary Gensler's supervision, the SEC had brought 131 lawsuits against different crypto businesses, including the current Ripple litigation, and had achieved an astounding 130 and a half victories.
🔥 Congressman Lynch claims the SEC and Gary Gensler won the Ripple case.#xrp $xrp #XRPCommunity #crypto #blockchain pic.twitter.com/OMFi3he1Sv
— Cryptic Poet (@1CrypticPoet) July 26, 2023
According to Rep. Lynch, this overwhelming success demonstrates that the SEC is implementing regulation through the application of established laws, as opposed to relying on enforcement actions alone. He emphasized that Gensler's leadership at the SEC has been instrumental in upholding the law within the crypto industry.
After the video went popular in the XRP community, attorney John Deaton showed an interest in representing retail crypto investors before Congress during investigations into SEC enforcement actions. Since Deaton represents over 4,000 Coinbase clients and over 75,000 XRP holders, he is an excellent choice to represent retail investors.
Deaton tagged many members of the United States House Financial Services Committee in a request to testify, pleading for facts and the truth to prevail during these hearings.
@RepFrenchHill @RepHuizenga @WarrenDavidson @GOPMajorityWhip @PatrickMcHenry @RepDarrenSoto
— John E Deaton (@JohnEDeaton1) July 26, 2023
FYI, I would love to have an opportunity to testify on behalf of individual retail holders. I represent 75K XRP holders and over 4K Coinbase customers. After all, shouldn’t facts and… https://t.co/gB3jtgViYt
XRP supporters have a wide range of emotions about the news of Rep. Lynch's assertion. The disappointment was voiced by others, who said the SEC's approach to regulating wasn't always in line with the law. They raised concerns about the SEC's methods, citing the words of Magistrate Judge Sarah Netburn in the Ripple case, in which she criticized the commision for prioritizing its agenda above compliance with the law.
Meanwhile, Ripple has provided some further context about the court's decision. Even while the court ruled that certain XRP sales were securities, Ripple CEO Brad Garlinghouse insisted that his business had won hands down. With the court ruling that XRP is not a security, Ripple has achieved one of its key goals for the digital asset.
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Brenda has been a news writer since 2019 with a deep background in crypto. Brenda commits to producing excellent, well-optimized content to ensure consumer satisfaction.