Pro XRP Lawyer Commends Coinbase Legal Team’s Motion to Dismiss SEC; Ripple CEO Criticizes Chairman Gensler

Renowned XRP advocate and lawyer John Deaton praised Coinbase’s legal team for filing a Motion to Dismiss (MTD) against the SEC in the ongoing legal battle. Representing over 5,000 Coinbase customers, Deaton acknowledged the team’s thorough preparation, anticipating a strong performance against the SEC’s perceived overreach. Meanwhile, Ripple CEO Brad Garlinghouse publicly criticized SEC Chairman Gary Gensler, branding him a “political liability” and questioning his effectiveness in crypto regulation. Garlinghouse cited delays in approving bitcoin exchange-traded funds (ETFs) and ongoing litigation against various firms. He advocated for a new SEC chair, emphasizing the need for a different approach to crypto regulation. The SEC recently approved several spot bitcoin ETFs, signaling a shift in its stance, but Gensler expressed concerns about potential market manipulation. Garlinghouse criticized Gensler’s consistent legal approach against cryptocurrencies, deeming it futile and calling for a reevaluation of strategies. The legal battles involving major platforms like Binance, Coinbase, and Kraken, accused of selling unregistered securities, continue to unfold, drawing industry attention and diverse opinions on regulatory actions. Ripple, which filed a complaint against the SEC in 2020, saw its executives cleared of charges in October 2023. (Source: Blockchain reporter)