- John E. Deaton’s fight for XRP holders highlights ongoing tensions between the SEC and digital asset regulation.
- Bitnomial’s lawsuit aims to protect XRP futures contracts from SEC overreach, challenging their jurisdiction.
- Recent rulings reinforce that XRP is not a security, raising critical questions about the SEC’s credibility and future regulations.
Supporter of XRP token owners John E. Deaton has expressed grave worries about the SEC’s actions. He used $75,000 of his money to fight for 75,000 XRP holders. Deaton pointed out the SEC’s continuous misconduct throughout the legal proceedings. A federal judge upheld Deaton’s long-standing view by ruling that XRP is not a security. Moreover, this decision calls into question the SEC’s position and damages its reputation.
The SEC’s Persistent Oversight
XRP is a security, according to the SEC, regardless of the court’s ruling. This disparity casts questions on the legitimacy of the SEC. Deaton also brought attention to a concerning cooperation between the SEC and Senator Elizabeth Warren’s office. Email correspondence between SEC Chairman Gary Gensler and Warren’s office was discovered via a FOIA request before to a Senate hearing.
The relationship between political parties and regulatory agencies is called into ethical question by this. According to the emails, Gensler was given questions from Warren’s team that included his opinions on how cryptocurrency will affect financial inclusion.
A lawsuit has been filed by Bitnomial Exchange, LLC against the SEC. By filing the complaint, it hopes to stop the SEC from claiming joint jurisdiction over its contracts for XRP futures. Bitnomial asserts that these contracts fall solely under the CFTC’s authority.
Therefore, the SEC’s claim of authority is an unjustified overreach. As Bitnomial gets ready to introduce the first physically deliverable XRP Futures, this case is timely. The CFTC self-certified these futures on August 9, 2024.
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Implications for Digital Asset Regulation
Bitnomial’s legal action emphasizes the ongoing regulatory struggles within the digital asset space. Additionally, the lawsuit aims to protect participants from the SEC’s jurisdictional overreach. A favorable judgment would clarify the regulatory landscape for digital asset derivatives. It could also reinforce the recent court ruling that XRP is not a security.
As a result, the decision in this case may have a big effect on US regulations pertaining to digital assets. Participants in the discussion anxiously anticipate new discoveries as it go on. The Bitnomial lawsuit could reshape the future of digital asset regulations.
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