SEC Launch Investigation Against Digital Assets, What Is The Agency Upto?

It appears as if the Ripple vs SEC lawsuit is a never-ending battle. Every day there is a new update released regarding the ongoing dispute. Recently, the US Security and Exchange Commission (SEC) proceeded with its investigation of crypto-related firms. This move has raised concern from the industry experts who claim SEC is messing up everything.

Founder of CryptoLaw and XRP holders lawyer for the Ripple vs SEC case, John Deaton has revealed an op-ed on SEC. An Op-ed is a document that consists of a personal opinion.

The document claims that a lot of new investors are entering the cryptocurrency market as it continues to develop. He also asserts that the SPAC collapse indicates that the SEC chair has a wide range of industries to play with.

In the document, Deaton has also mentioned that Gary Gensler, SEC’s Chief, names the crypto industry as the wild west of investment. This is because Gary is of the opinion that these cryptocurrencies are made used for illegal activities and most money launderers use this as a payment method.

However, the commission has not given complete details on how they will be heading their investigation, and also it has failed to adhere to environmental (ESG) data disclosure necessities.

Deaton argues that this move will help the SEC to gain its social dominance along with some prominence in the Biden government.

SEC’s Move Against Crypto Is Dangerous

Furthermore, Deaton expresses his concern saying the legal dispute that is put up against crypto is one of the hazardous moves insulting the constitutional conditions.

Previously it was also revealed by Deaton that there are speculations around SEC that is planning to pitch an internal inquiry over XRP’s past operations.

Additionally, he emphasized that no new laws involving the direct regulation of digital assets have been created by Congress. Nevertheless, the SEC Chair has attacked the crypto industry using misleading insight.