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The SEC “is breaking the law” ! Pro-crypto lawyers strike back

Fri 07 Jul 2023 ▪ 3 min of reading ▪ by Mikaia A.
Getting informed Regulation

For the time being, Gary Gensler is untouchable. He will continue to reign supreme in the offices of 100 F Street, NE Washington D.C. Especially in the absence of solid arguments against his policies. Yet the crypto community has never stopped finding a breach in the SEC’s fortified line. Perhaps this latest initiative by pro-crypto lawyers will eventually succeed?

Photos of Gary Gensler, fist with SEC and Bitcoin logos

Paul Grewal isn’t holding back

The SEC’s attacks on crypto exchanges Binance and Coinbase have awakened the sleeping geniuses among pro-crypto lawyers. Since the beginning of the accusation story for violating securities laws against the second largest cryptocurrency exchange, Paul Grewal, Coinbase’s General Counsel, has been relentless in his attacks on the financial watchdog.

Previously, he has argued that the SEC has “misread the law” amid a regulatory blur for cryptocurrencies.

While researching, Mr. Grewal tweeted new messages slamming the U.S. Securities and Exchange Commission.

SEC: the joke’s on you

Furthermore, he believes that the US regulator’s relentless pursuit of other digital assets besides bitcoin stems from its misunderstanding of the meaning of “economic and political significance”.

Deaton goes all out

John E. Deaton, the pro-crypto lawyer who often came to Ripple’s rescue in its case against the SEC, has also been busy in recent days. Scrutinizing his tweets on a daily basis, the man who proposed a timetable for the publication of Judge Torres’ verdict, never missed an opportunity to thwart the SEC’s attempts.

His recent Twitter intervention captured the attention of the crypto community and The Crypto Basic.

As you can see, this is just the top part of a long Twitter thread posted by the pro-crypto lawyer. Skimming through his arguments, we noted that the founder of Crypo-Law.us rattled off a few historical facts.

He reiterated that the Senate and House of Representatives have already proposed a crypto bill. And that Congress has never been against the idea of regulating them. These same institutions also want to reduce the power in the hands of President Gary Gensler.

“Even the executive order signed by the POTUS seems to favor the CFTC and NOT the SEC,” he points out. In conclusion, he simply said that Paul Grewal is telling the truth when he speaks of a violation of the law by this institution.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.