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Crypto Lawyer Asks SEC Chairman to Stop Protecting American Public Amid Regulatory Actions Against Crypto Firms

Crypto lawyer John Deaton has called on SEC chairman Gary Gensler to stop protecting the American public in light of recent regulatory actions against crypto firms. Deaton's comments come after the SEC filed a lawsuit against Ripple Labs, Inc. in December 2020, alleging that the company had conducted an unregistered security offering by selling XRP.

Deaton and Ripple have consistently contended that XRP is a digital currency, not a security. Deaton has argued that there is no legal precedent for determining that any investment contract case in the past 76 years has considered the underlying asset security.

SEC Gary Gensler
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