Regulation
XRP Lawyer John Deaton Slams SEC’s Gary Gensler For ‘Infecting’ Entire Agency
In a scathing rebuke of the Securities and Exchange Commission (SEC) and Chairman Gary Gensler, prominent XRP advocate and lawyer John Deaton has launched a blistering attack. He accused Gensler of perpetuating bad faith regulation and ‘infecting’ the entire agency.
XRP Lawyer John Deaton Bashes SEC Chair Gary Gensler
Deaton took to social media platforms X to express his frustration. He stated, “With all due respect, it’s time to serve multiple subpoenas on Gary Gensler and the SEC.” In addition, he referenced his amicus brief in the Coinbase vs SEC case to help understand the picture.
He added, “I encourage everyone to read the Amicus Brief I filed in the Coinbase case. There’s a section in the brief proving Gensler is a bad faith regulator who has infected the entire agency.” This condemnation comes in the wake of House Financial Services Committee Chairman Patrick McHenry’s statement regarding the ongoing legal battle between Consensys and the SEC.
McHenry minced no words and asserted, “Just months after a federal judge sanctioned SEC enforcement lawyers for lying to the court, new evidence shows Chair Gensler himself misled Congress.” Moreover, McHenry highlighted Gensler’s testimony to the Financial Services Committee last April, where he refused to address inquiries regarding the SEC’s classification of Ethereum.
The HFSC Chairman alleged that Gensler’s silence was a deliberate attempt to misrepresent the Commission’s stance. He emphasized, “Classifying Ether as a security contradicts previous statements of the SEC and Chair Gensler — yet another example of the arbitrary and capricious nature of the agency’s regulation by enforcement approach to digital assets.”
The Consensys lawsuit, at its core, demands the SEC to officially acknowledge that Ethereum is not a security. However, the SEC’s prior stance makes the situation complicated as the regulatory agency might end up contradicting its own statement.
Also Read: XRP Price Prediction: Is May A Good Time To Buy XRP?
Bill Morgan Offers Differing Take On Gensler Misleading Congress
Another XRP lawyer, Bill Morgan, responded to recent claims regarding Ethereum’s classification by the SEC. Morgan clarified, “This is not even accurate. The SEC is not classifying ETH as a security.” He emphasized the distinction, highlighting that the SEC is investigating whether offers or sales of Ethereum qualify as securities.
Referring to Judge Torres’ ruling in SEC vs Ripple, Morgan stressed, “A token itself is not a security but offers or sales of it in all the circumstances may be an investment contract.” His statement rebuts assertions made by Patrick McHenry and the Financial Services GOP, underscoring the need for clarity in regulatory matters.
The Financial Services GOP’s statement read, “Classifying #ETH as a security contradicts previous statements of the SEC and Chair Gensler. Republicans will continue to hold the SEC accountable for its regulatory overreach that is stifling innovation, leaving consumers unprotected, and risking our national security.”
Also Read: ETH Futures ETF Issuers Stay Positive on SEC Approval Despite Feud
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”
However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In what is being dubbed a major development in the crypto regulation space, the Governor of the US state of Kentucky, Andy Beshear, has signed the ‘Bitcoin Rights’ bill into law. The law promises to safeguard protections for Bitcoin (BTC) users.
Bitcoin Rights Bill Comes Into Effect
Crypto regulations continue to evolve under pro-crypto US President Donald Trump’s administration. In the latest development, Kentucky has become the newest state to enshrine protections for digital asset users.
In an X post published on March 24, crypto advocacy group Satoshi Action Fund announced that Governor Beshear had signed the much-anticipated Bitcoin Rights bill into law. The post stated:
The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.
The bill was first introduced to the Kentucky House by Rep. Adam Bowling on February 19. According to the bill’s description, it seeks to safeguard users’ rights to use digital assets and self-custody wallets. Additionally, it aims to prohibit local zoning changes that discriminate against crypto mining operations.
The legislation outlines guidelines for running a digital asset node and excludes digital asset mining from money transmitter license requirements. It also clarifies that crypto mining or staking is not considered an offer or sale of securities.
On February 28, the bill passed Kentucky’s House of Representatives with a unanimous vote of all 91 representatives in favor. It later passed the Kentucky Senate on March 13, receiving backing from all 37 senators.
Kentucky’s proactive stance toward cryptocurrencies isn’t new. Earlier this year, the state became the 16th US state to introduce legislation seeking to create a Bitcoin strategic reserve.
Meanwhile, neighboring state Arizona is also joining the crypto movement. A recent X post by Bitcoin Laws revealed that Arizona’s House Rules Committee has passed two Bitcoin reserve bills — SB1373 and SB1025. These bills will now head to a full floor vote.
Renewed Optimism Under Trump Administration
Following Trump’s victory in the November presidential election, cryptocurrency regulations in the US are evolving rapidly, with many states introducing legislation aimed at strengthening their digital asset ecosystems and attracting crypto businesses.
Positive changes in crypto regulations are encouraging industry businesses to expand. For instance, leading crypto trading platform Coinbase recently announced plans to hire 1,000 employees in the US.
The Trump administration has also witnessed several lawsuits being dropped against major crypto entities, including Kraken, Coinbase, Gemini, and others. At press time, Bitcoin trades at $87,399, down 0.2% in the past 24 hours.
Featured Image from Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.
US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges
The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.
Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.
Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano Price Eyes Massive Pump In May Following Cyclical Patern From 2024
Solana (SOL) Price Risks Dip Below $110 as Bears Gain Control
Top 3 Made in USA Coins to Watch This Week
Japan Set To Classify Cryptocurrencies As Financial Products, Here’s All
3 Token Unlocks for April: Parcl, deBridge, Scroll
Whales Accumulate 470,000 Ethereum In One Week – Bullish Momentum Ahead?
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Altcoin24 hours agoEthereum Price Falls Below $1900 As Expert Blames Decline On Network Stagnation
-
Altcoin22 hours agoGemini Crypto Exchange Announces Rewards For XRP Users, Here’s How To Get In
-
Market17 hours agoCan Ethereum’s Utility Make a Comeback Against Bitcoin?
-
Ethereum15 hours agoEthereum Playing Catch-Up? Bloomberg Examines ETH’s Struggles In New Report
-
Market15 hours agoWhale Leverages $27.5 Million PEPE Long on Hyperliquid
-
Ethereum14 hours agoEthereum MVRV Ratio Nears 160-Day MA Crossover – Accumulation Trend Ahead?
-
Ethereum13 hours agoEthereum May Have Hit Cycle Bottom, But Pricing Bands Signal Strong Resistance At $2,300
-
Market13 hours agoBitcoin (BTC) Whales Accumulate as Market Faces Uncertainty
✓ Share: