A well-known XRP supporter and founder of the law company CryptoLaw, John Deaton, launched a furious criticism against the U.S. Securities and Exchange Commission. The SEC is looking into major cryptocurrency exchange Coinbase for dealing with unregistered securities, a word that authorities have been using to expressly refer to cryptocurrencies, which sparked outrage in response to recent news reports.

The SEC filed prosecution against Coinbase four years after it was permitted to IPO using <a href="https://www.cryptoknowmics.com/news/u-s-sec-asks-court-to-revoke-amici-status-granted-to-xrp-holders/" target="_blank" rel="noopener">XRP</a> and other tokens that were "now under scrutiny," which particularly incensed the creators of Cryptolaw. As a matter of fact, Coinbase delisted XRP after investigations into the exchange started in December 2020 and regulators took note of the exchange's strategy to lawfully handle assets.

Regardless of how one feels about Coinbase and its CEO <a href="https://twitter.com/brian_armstrong" target="_blank" rel="nofollow noopener">Brian Armstrong</a>, in Deaton's view, the regulation does not operate in this way, and the SEC's activities, which started with the XRP case, prompted the crypto community to interact with the regulator. has been included in the conflict.
<h2>SEC's Investigation Into Coinbase</h2>
The information released today concerning the SEC's investigation into Coinbase adds to a report from the previous week about the arrest of a former exchange employee on suspicion of <a href="https://www.cryptoknowmics.com/news/former-coinbase-product-manager-arrested-for-crypto-insider-trading/" target="_blank" rel="noopener">insider trading</a>. The exchange responded by filing a lawsuit against the suspect, but the suspect denied dealing with unregistered securities, citing the regulator's outdated interpretation of the law and highlighting the need for clarity in the regulation of cryptocurrencies as a whole. The conversation also chastised the SEC for employing coercive tactics rather than open dialogue. Brad Garlinghouse, the CEO of Ripple, also referenced this mindset when he claimed that the SEC was taking a coercive stance rather than attempting to create clear regulations for the sector.

Despite XRP Being Delisted, CryptoLaw Founder Defends Coinbase

XRP supporter and founder of the law company CryptoLaw, John Deaton, launched a furious criticism against the U.S. Securities and Exchange Commission.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Despite XRP Being Delisted, CryptoLaw Founder Defends Coinbase

Top Picks