Pro-XRP Legal Expert John Deaton here we go again U.S. Securities and Exchange Commission (U.S. Securities and Exchange Commission) Chairman Gary Gensler During the battle with Ripple. This time, he questioned Gensler’s abilities and demanded that he be fired from the committee.
Gensler doesn’t know what security means
in a tweet Deaton, who shared the article on his X (formerly Twitter) platform, said that despite Gensler’s academic experience, he had “no clue” as to what investment contracts, also known as securities, meant. He further said that Gensler continued to pretend not to know that securities laws could not apply to “the purchase of assets for non-investment use cases.”
Deaton’s reaction was old clips Gensler mentioned that Ethereum has transitioned from a security to a non-security as it becomes more decentralized.
The lawyer’s comments are in ETH Gate Legend and long legal battle The relationship between Ripple and the SEC. The SEC is said to have given Ethereum a “regulatory-free pass” while claiming that XRP is a security. Gensler and the Commission believe that Ripple violated securities laws when it sold XRP tokens as unregistered securities.
Further questioning Gensler’s knowledge, Deaton mentioned that Gensler may not be aware of the Supreme Court’s ruling in the Forman case (which could explain why Gensler maintains a hard stance on cryptocurrencies as securities).
In that case, the Supreme Court, while reaffirming the Howey test set forth in SEC v. Howey, ruled that courts should consider the “economic reality” standard when determining what constitutes an investment contract. Therefore, courts should consider substance rather than form when determining whether the federal securities laws should apply.
Accordingly, it is believed that Judge Analisa Torres correctly applied the law when hearing the case. rule Programmatic sales and other offerings by Ripple do not constitute investment contracts, and XRP itself is not a security.
Gensler has no respect for the law
In a tweet, Deaton again said Gensler was ignoring the law. He made the statement in reference to the committee’s “public acknowledgment” of its refusal to consider common corporate factors in the Howey test when determining what constitutes safety.
Last week, Deaton marked Gensler was a “megalomaniac” who believed he was above the law. He then made comments in an interview that Gensler seemed more concerned about courts agreeing with his stance on cryptocurrencies than accepting guidance from the courts on whether these tokens fall within the jurisdiction of federal securities laws and the SEC.
Meanwhile, Deaton mentioned that Gensler “has to step down,” which could be a sign that the chairman needs to resign or be removed due to incompetence.Congressman Warren Davidson says Gensler’s days in SEC may be numbered introduce The SEC Stabilization Act, which seeks to reorganize the agency and remove Gary Gensler as chairman.
XRP price showing strength at $0.52 | Source: BTCUSD on Tradingview.com
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