XRP owner John Deaton's attorney said the SEC's position in the Coinbase regulation controversy directly contradicts statements the SEC chairman made in his testimony before Congress earlier this year.
In the ongoing legal dispute between Coinbase Global Inc. US Securities and Exchange Commission (SEC) lawyer John Deaton accused senior SEC official Gary Gensler of βentertainingβ the public and disagreeing with his views on cryptocurrencies.
The development in Coinbase's regulatory filing comes as the SEC rejected the exchange's petition for three reasons.
These reasons include the application of existing securities laws to cryptocurrencies, the SEC's involvement in cryptocurrency securities markets through regulation, and the importance of maintaining the discretion of the SEC's Board of Directors in setting its regulatory priorities.
While these factors are clear, John Deaton, in response to the SEC Chairman's letter, said that "there is nothing unique or new about cryptocurrencies," stressing that Coinbase's regulatory filing is based on a belief in the uniqueness of the cryptocurrency ecosystem for assets. . Volatility and classification of all assets as securities in accordance with applicable law.
According to Deaton, this opinion is in direct opposition to the SEC Chairman's statement during his testimony before Congress earlier this year. Deaton noted that Gary Gensler said during the hearing that cryptocurrencies fall outside the scope of the commission due to their unique nature, creating a regulatory gap.
Deaton said Coinbase's order is based on the SEC's position, as evidenced by previous communications. Lawyers for XRP holders noted the SEC Chairman's complete retreat on the cryptocurrency issue, attributing it to political motivations and support from Senator Elizabeth Warren.
The SEC has sent mixed signals about its place in the cryptocurrency ecosystem, both through the words of the SEC chairman and the actions of the commission as a whole.
Amid ongoing legal disputes with Coinbase and Binance over cryptocurrency stocks, the regulator has rejected a failed appeal against Grayscale Investments. The case involves the company's efforts to convert its Bitcoin Trust into an exchange-traded fund (ETF).
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