Ripple Lawyers Criticize SEC Actions, War On Crypto or Fair Law Enforcement?

JAKARTA - In recent years, crypto has become a hot topic in the financial world. Even though more and more people are interested in this digital asset, there is still a lot of uncertainty and ambiguity in the regulation of cryptocurrencies. One of the hottest topics is the legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs that lasted more than two years.

Recently XRP lawyer John Deaton launched a “Connect to Congress” campaign against the Securities and Exchange Commission (SEC) excessive actions in the crypto market. Connect to Congress is a tool that helps identify users and US representative senators.

This will help them to share their views on crypto regulations and concerns with legislators. This tool will connect crypto enthusiasts with their elected officials and allow them to send messages directly to their office.

In recent months, Deaton has been very vocal against SEC enforcement actions against crypto businesses. The prepared message will carry the title "SEC Is Out of Control" regarding the agency's actions against digital asset holders. The long message begins by explaining the SEC's actions as an all-out war on crypto.

The message invokes a commonly heard view from the crypto community of regulatory ambiguity. The message said that the SEC declined to say what rules the company must follow.

"The SEC has not raised objections in years, but is now taking the company to court and seeking billions of dollars in fines. That is not regulation. This is blackmail. This is a violation of reasonable notice and due process," wrote John E. Deaton's message. quoted by U.Today.

The message also highlights that the SEC cannot prevent incidents like the FTX crash. The SEC is considered to have implemented investor protection. Deaton believes that no investor is protected by the SEC's actions.

Meanwhile, the price of Ripple XRP has seen a significant jump in the past week with a rise of more than 17 percent. While in the last 24 hours XRP rose 3.7 percent. XRP is trading at the level of IDR 6.669 according to Coingecko data.