SEC v. Ripple is one of the most well-known disputes that has been ongoing for more than two years. The SEC accused Ripple of marketing XRP as a security, numbing XRP’s potential to develop an upward price trajectory over time.
John E Deaton, the founder of CryptoLaw.US, has recently taken to Twitter to address the recent statement by Gary Gensler. The main point of the lawsuit is the allegation that XRP is a security. The very statement has been upheld by Gensler, who states that every cryptocurrency, except Bitcoin, is security.
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Pro-Ripple Deaton says there is no consensus to back Gensler’s statement
The pro-Ripple lawyer also mentioned in his tweet that there is no consensus that every cryptocurrency except Bitcoin is security.
“There certainly isn’t a consensus w/in the legal community. Software code is NOT a security. It, like any other asset, can be offered and sold as a security.”
His tweet was a reply to Michael Saylor, an avid Bitcoin supporter, who also commented on Gensler’s statement.
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Deaton also slammed Bitcoin maxis, stating that the celebration over Gensler’s comments by them is pathetic. He also mentioned that Gensler is the same guy who prevented a spot Bitcoin ETF while allowing investment banks to trade both short ETFs and futures.
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