XRP News: The long running legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple executives over the nature of the world’s 6th largest crypto, XRP is yet to see the court decision. The attorney representing XRP holders in the lawsuit hits out at the commission over its legal outreach.
Also Read: Is Settlement Still In Scenario As Summary Judgment Closes In?
US SEC Fighting With Wrong Claims?
In a recent Op-ed published on Bloomberg law, Attorney John Deaton slammed U.S SEC Chair, Gary Gensler over his approach toward crypto with the Howey Test. He mentioned that back in 1946, the U.S. Supreme Court issued a vital decision in SEC Vs Howey. The court laid out a specific definition of what constitutes a security.
The justices at that time wouldn’t have guessed how complex digital commerce be ahead, he added. Meanwhile, the SEC Chair holds his own idea of how cryptocurrency should be regulated today and it is taking it into a dangerous corner in the court.
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