XRP Lawyer John Deaton’s Best Recommendation To Tackle SEC Chair Gary Gensler

John Deaton, a lawyer representing 75,000 XRP holders, shares recommendations for the crypto community on tackling SEC Chair Gary Gensler’s egotism and hypocrisy.

After Gensler pumped FTT token more than 100% with a single comment about FTX, John Deaton said: If I were Ripple CEO Brad Garlinghouse, Binance CEO ‘CZ‘, Kraken’s co-founder Jesse Powell, Coinbase CLO Paul Grewal and CEO Brian Armstrong, or LBRY CEO Jeremy Kauffman— “I would be beside myself right now.”

XRP Lawyer John Deaton Slams Gary Gensler

Scott Melker, analyst and host of The Wolf Of All Streets podcast, said Gary Gensler pumped FTT token more than 100% with a comment on FTX by saying he is open to a rebooted FTX as long as it’s done “within the law.”

“No human being has manipulated the price of crypto assets more than the very ‘cop on the beat’ who is responsible for ‘protecting’ investors.”

John Deaton responded by saying “Every time you think Gary Gensler couldn’t go lower he does.” He recommends the crypto community stay resilient.

In addition, the crypto community awaits to see which one of Gary Gensler’s friends will be related to the “new and improved FTX.” He strongly believes Gary Genser’s money is at stake in FTX. He targeted Coinbase, Binance, Kraken, and others, while still trying to help FTX. “This is unbelievable.”

Meanwhile, John Deaton also asserts that Ripple will unlikely face the speculated $770 million disgorgement. Deaton remarks on the nature of On-Demand Liquidity (ODL) transactions involving XRP, which occur in seconds, further diminishing the likelihood of investor harm.

Also Read: FTX Sues ByBit to Recover Nearly $1 Billion Worth of Funds

XRP Price Consolidates For Next Rally

XRP price fell 1% in the past 24 hours, with the price currently trading at $0.65. The 24-hour low and high are $0.643 and $0.664, respectively. Furthermore, the trading volume has decreased by 40% in the last 24 hours, indicating a decline in the interest of traders.

John Deaton said XRP witnessing profit booking after the price surpassed $0.70. Analysts predict XRP price is now consolidating for the upcoming rally.

Also Read: SC Dismisses Petition Seeking Regulations For Crypto Trading In India

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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.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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