Lawyer John Deaton, the creator of CryptoLaw.US, has criticised Gary Gensler, the head of the United States Securities and Exchange Commission, on Twitter.
Under this person’s leadership, the SEC has sued many cryptocurrency exchanges and is now embroiled in a lawsuit against Ripple Labs that was first filed by Gensler’s predecessor Jay Clayton on his final day of employment with the regulatory body at the end of December 2020.
“I look forward to the day Gensler is investigated”
Gary Gensler need to be looked into in the future, according to Deaton, who backs Ripple and the XRP coin it is associated with. A tweet on which Deaton commented stated that his anticipation is predicated, among other things, on not pursuing the “crimes of Chinese CEOs in the US markets, while assaulting the crypto area.”
The creator of CryptoLaw claimed that Gensler was working for “a few,” probably referring to the Wall Street financial elite.
SEC turning blind eye to Chinese fraudsters but chasing crypto companies
While the SEC and its head Gary Gensler are working hard to sue cryptocurrency companies and declare that cryptocurrencies are securities, verified Twitter user Brian Costello claimed that this regulator turned a blind eye to the fraud made by “a multibillion-dollar Chinese criminal enterprise” and targeted at American investors.
Costello withholds all information about that case. Yet he also mentioned that in an interview from the previous year, an FBI agent involved in the case stated that “he thought there were substantial crimes and queried about SEC’s lack of response.”
Brian Costello argued that Gensler and the SEC are “accelerating the downfall of the dollar” by their activities, particularly their attacks on the cryptocurrency industry.
SEC drives Bittrex business out of USA
As previously reported by U.Today, prominent U.S.-based cryptocurrency exchange Bittrex is shutting down its U.S. operations and intends to concentrate on assisting Bittrex Global in its activities globally.
The exchange cited ongoing scrutiny and unpredictability from regional authorities, primarily the Securities and Exchange Commission, as reasons for leaving the US market.
This week’s Monday saw a lawsuit against Bittrex from this regulatory body. Bittrex was referred to as a “securities exchange” by SEC chairman Gensler, who claimed that numerous cryptocurrencies, including DASH, ALGO, and OMG, are securities since their investors have a “reasonable expectation of a return.”
