JAKARTA - Lawyer John Deaton said that US Securities and Exchange Commission (SEC) Chairman Gary Gensler was crossing legal limits by accusing tech company Ripple of violating securities law. In a lawsuit filed in 2020, the SEC claims that Ripple illegally sold XRP without registering it. However, Ripple argues that the token is a digital asset and not a security.
In a new opinion published in the Bloomberg Law, Deaton assessed the SEC's claim that XRP is a security beyond what law and court decisions consider to be related to securities. Deaton stated that regulatory frameworks are good for the crypto industry, yet Gensler's view that cryptocurrencies should be regulated as securities has dangerous legal and economic implications.
The Securities and Exchange Commission under Chairman Gary Gensler has their own idea of how cryptocurrencies should be regulated at this time, but it is very different from those decisions - and it deviates to dangerous jurisdictions in court. I support clear rules and regulations to protect people. However, the SEC takes advantage of legal uncertainty about crypto to radically redefine what is a joint investment contract and entity in the US.
According to Deaton, the SEC's actions in accusing Ripple of having serious consequences for the crypto market, and he suggested that authorities develop a regulatory framework that fits the conditions on the ground. Deaton also emphasizes the importance of legal clarity in the crypto industry and appropriate regulatory policies so that the crypto market can develop in a healthy and stable manner.
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