XRP Lawyer Reveals That SEC Chair Gensler Refused To Meet Crypto Leaders

July 28, 2022 2:53 pm Comments

It is already well known that SEC Chair Gary Gensler has been enforcing crypto regulation policies that have been perceived to be largely negative by the crypto community.

The policies have been seen as “over-regulated” and restricts the growth and innovation of the industry.

However, it seems that there is even more to the story as an XRP lawyer just revealed that Gensler had been refusing to meet the leaders of crypto companies for all of last year.

This contradicts a lot of the past statements of Gensler where he claimed that he wanted to talk to crypto leaders, but it seems that the reality is quite different.

CoinGape reports:

John Deaton, founder of Crypto law and lawyer of XRP holders claimed that Gary Gensler refused to meet the 69K XRP holders.

However, he also revealed that SEC Chair didn’t even meet with Congress. Instead of meeting key players, Gensler meets around 7 times with a firm that controls 90% of his money.

In a Twitter thread, Deaton disclosed that SEC Chair’s current wealth is being calculated as over $100 million. He added that the commission doesn’t care about appearances of its impropriety.

According to the Crypto Law, records of Gensler’s disclosure from 2020 to 2021 revealed the majority of his money is invested in funds that are managed by the Vanguard Group. Annabel Lee LLC and a Marital Trust are two of his key entities.

The public calendar of the SEC is also available for everyone to view and there is currently nothing on it that seems to indicate that the SEC is actively trying to meet crypto companies.

Instead, most of the meetings on the calendar were meetings that involved asset managers which may indicate that the SEC chief is more interested in other things rather than the well-being of the crypto industry.

Files also show that Gensler did not even respond to the letter that was submitted by Republican members of Congress which questioned some of the policies of the SEC.

For an agency that claims to do its best to protect investors, it seems that there is currently no substantial data that can actually support that claim.

Therefore, the question this raises is who is the SEC and Gensler really working to protect.

CoinGape concludes:

The Gensler files show that Gensler didn’t even reply to the letter US Rep.

Moreover, he skipped appearing before the Financial Services GOP to answer some critical questions. While he refused to address the crypto leader, the SEC Enforcement was pouncing on retail holders in the court.

Coinbase is paying the price

Coinbase is the latest crypto exchange that has landed on the radar of the SEC regarding regulatory policies. XRP lawyers highlighted that Coinbase tried to work in accordance with the commission since day one. The platform even delisted the XRP tokens and rejected launching LEND.

Deaton believes that Coinbase came on the target just because it cooperated with the commission.

For the time being, it may be a good idea to check the SEC’s calendar if anything does change, but this is quite unlikely.

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