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SEC v Ripple Chatter Put the SEC War Against Crypto in the Spotlight
It was a quiet Saturday session, with no Court rulings from the ongoing SEC v Ripple case to draw interest. The lack of case-related activity left the crypto news wires to influence investor appetite.
Amicus Curiae attorney John Deaton was back in the news on Saturday. Responding to a Wolf of All Streets tweet relating to the newly launched EDX Markets, Deaton had this to say,
“Judge Torres’ decision gets potentially more significant as each day passes. If it’s bad for XRP (notice I said XRP and not Ripple), then status quo with more political momentum to Gensler, Warren, Brad Sherman’s anti-crypto campaign. But if it’s great for XRP, then great news for other tokens.”
While the outcome of the SEC v Ripple case has far-reaching ramifications, investors remain cautious. The news of Citigroup (C) reviewing its custody partnership with Metaco was another example of Wall Street’s anti-crypto stance that SEC Chair Gensler and the US administration support.
However, Financial Services Committee Chair Patrick McHenry provided support on Saturday. Referencing the SEC’s comments relating to the recent BTC ETF filings, Chairman McHenry had this to say,
“If these reports are accurate, Gary Gensler has a lot of explaining to do. An ETF would provide everyday investors with an SEC-regulated product. The only reason for Chair Gensler to oppose is if he wants to kill crypto in the US altogether.”
US lawmakers have put the SEC Chair back in focus. This week, The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), the Chairman of the House Judiciary Committee, Jim Jordan (OH-04), and the Chairman of the House Oversight and Accountability Committee, James Comer (KY-01), sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler.
The Chairmen identify significant concerns with Chair Gensler’s potential failure to comply with federal record keeping laws while slamming Gensler’s inadequate response to a previous inquiry regarding the matter.
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