SEC Accused of Gaslighting by Pro-XRP Lawyer in Coinbase Dispute

SEC Accused of Gaslighting in Controversial Coinbase Rulemaking Dispute

SEC accused of gaslighting in Coinbase rulemaking dispute

In the ongoing legal clash between Coinbase and the United States Securities and Exchange Commission (SEC), things have taken a humorous turn. Pro-XRP lawyer, John Deaton, has accused SEC Chair Gary Gensler of gaslighting the public, and let me tell you, it’s quite a show!

The SEC recently rejected Coinbase’s crypto rulemaking petition for not one, not two, but three reasons. Talk about being hard to please! First, they’re applying current securities laws to cryptocurrencies. Second, they’re engaging with the crypto securities markets through rulemaking. And last, but definitely not least, they really want to preserve their discretion in establishing rulemaking priorities. I mean, who doesn’t love some good old-fashioned bureaucratic power, am I right?

But our hero, John Deaton, didn’t take this lying down. He did what any self-respecting XRP advocate would do. He took to social media, blasting Gensler for his statement that “there is NOTHING unique or new about cryptocurrencies.” According to Deaton, Gensler even had the audacity to claim that Coinbase’s rulemaking request is solely based on the belief that cryptos are somehow different. I mean, come on, we all know they are! They’re like unicorns, but with blockchain!

And here’s where it gets interesting. Deaton reminded everyone of Gensler’s congressional testimony where he confidently declared that cryptocurrencies were beyond the SEC’s scope. Ah, the good old days when the regulation avoided Bitcoin like a teenager avoids chores. But now Gensler is flip-flopping faster than a pancake on a hot griddle!

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Deaton suggests that Gensler’s sudden change of heart has more to do with political motives and Senator Elizabeth Warren’s influence than anything else. I don’t know about you, but when it comes to political games, I prefer playing Monopoly, not with my investments.

But hey, let’s give credit where credit is due. The SEC has certainly been sending mixed signals. You never know what you’re gonna get, like a box of chocolates. One minute Gensler is saying something, the next minute the commission is doing something else entirely. It’s like watching a magic trick, but without the charming magician.

And speaking of legal disputes, the SEC seems to be having quite a run. They’re tangled up with Coinbase, Binance, and even had a defeat against Grayscale Investments. It’s like they’re collecting lawsuits faster than a Pokémon trainer collects Pikachu. Gotta catch ’em all, I guess!

So here we are, my fellow digital asset investors, caught in the middle of a legal tug-of-war between Coinbase and the SEC. And who knows what’s going to happen next? Will Gensler continue his dance of regulatory uncertainty? Will Deaton keep fighting for XRP like a knight in shining armor? Only time will tell.

But one thing’s for sure, my friends, it’s never a dull moment in the crypto world. So sit back, grab some popcorn, and enjoy the show. This rollercoaster ride is just getting started!

What are your thoughts on the SEC’s actions? Are you Team Coinbase or Team SEC? Share your opinions in the comments below!

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