The founder of CryptoLaw.US, lawyer John Deaton, has taken to Twitter to pour criticism on the head of U.S. securities regulator Gary Gensler.
The SEC, under the rule of this person, has recently sued several crypto exchanges and has been stuck in an ongoing lawsuit against Ripple Labs started by Gensler's forerunner Jay Clayton at the end of December 2020 — on the last day of his job at the regulatory agency.
"I look forward to the day Gensler is investigated"
In a recent tweet, Deaton, who supports Ripple and the XRP token affiliated with it, stated that he believes Gary Gensler should be investigated in the future. His expectation is based, aside from other arguments, on not pursuing the "crimes of Chinese executives in the US markets, while attacking the crypto space," according to a tweet on which Deaton made a comment.
The CryptoLaw founder stated that Gensler is acting in the interests of "a few," possibly talking about the financial elite of Wall Street.
SEC turning blind eye to Chinese fraudsters but chasing crypto companies
Verified Twitter user Brian Costello tweeted that while the SEC and its boss Gary Gensler are focusing hard on suing crypto companies and proclaiming crypto to be securities, this regulator turned a blind eye to the fraud made by "a multibillion-dollar Chinese criminal enterprise" and addressed at U.S. investors.
Costello does not reveal any details of that case. He shared, though, that last year, an FBI agent related to that case shared in an interview that "he believed there were significant offenses and inquired about SEC's lack of response."
Addressing Gensler and the SEC, Brian Costello said that by these actions and attacking the crypto space in particular, they are "accelerating the collapse of the dollar."
SEC drives Bittrex business out of USA
As reported by U.Today earlier, major U.S.-based crypto exchange Bittrex is winding down its operations in the U.S. and plans to focus on helping Bittrex Global in its work around the world.
While explaining its exodus from the U.S. market, the exchange cited constant scrutiny and uncertainty from local regulators — mainly the Securities and Exchange Commission.
This regulatory agency also sued Bittrex on Monday this week. SEC boss Gensler called Bittrex a "securities exchange," stating that many altcoins, including DASH, ALGO and OMG, are securities, as its investors have a "reasonable expectation of a profit."