SEC’s Debt Box Case Dismissal A Win For Ripple Says John Deaton & Lawyers

XRP News: Pro-XRP attorneys including John Deaton criticized the U.S. Securities and Exchange Commission (SEC) and Gary Gensler after the securities regulator filed to dismiss the controversial Debt Box lawsuit to avoid potential sanctions and penalties for misleading the court to secure a restraining order and asset freeze against crypto firm Debt Box.

SEC and Chair Gary Gensler Faces Backlash From XRP Attorneys

The Securities and Exchange Commission (SEC) has decided to dismiss the controversial $50 million fraud lawsuit against Debt Box in response to Judge Robert Shelby’s show cause order and penalties for lying in the federal court. The SEC has confessed to false statements in the Debt Box lawsuit.

John Deaton, the attorney representing 75K XRP holders, slammed SEC Chair Gary Gensler for this disgrace under his leadership of the SEC. He said SEC lawyers have lacked faithful allegiance to the law in recent complaints filed against companies.

SEC faced harsh criticism from many federal judges including Judge Torres who described SEC lawyers as hypocrites in Ripple lawsuit. An Appellate Court in Grayscale case ruled the SEC’s denial of a spot Bitcoin ETF as arbitrary and capricious.

“Despite those incredible findings – findings that would make any lawyer or leader cringe from embarrassment and humiliation – your agency’s lawyers continued to act with a complete disregard for the truth, and for justice. Now, you run away, attempting to shield your unethical lawyers from facing the very law they swore to uphold,” said Deaton.

Other attorneys including Jeremy Hogan and Bill Morgan criticized the SEC’s approach in the lawsuit, saying it argued that a multi-Million dollar fraud was perpetrated against Americans, but let go the lawsuit in order to save itself from embarrassment and fines.

XRP attorneys backlash against the SEC for irrational lawsuits against the crypto companies including Ripple, Binance, and Coinbase, misleading judges for seeking jurisdiction over the crypto industry.

Coinbase CLO Paul Grewal also blasted the SEC and its lawyers for the embarrassment by pulling a lawsuit after damaging the companies and seeking dismissal without prejudice.

“I’m sorry, so sorry
How long must you punish me?
Why can’t we just move on?
Let bygones be bygones
But you never will
What’s the difference
If this time I’m the one that did the wrong?
Should it matter?”

Dolly Parton, “Bygones.” And the SEC in its sur-reply in Debt Box. pic.twitter.com/eS6ZStxp2A

— paulgrewal.eth (@iampaulgrewal) January 30, 2024

Ripple CTO David Schwartz had criticized the SEC’s misconduct in the Debt Box lawsuit, condemning the commission of blatantly misrepresenting facts to secure the order before the opposing party could defend itself.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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