Lawyer John Deaton, representing XRP holders, has criticised US Securities and Exchange Commission (SEC) Chairman Gary Gensler over his stance on cryptocurrencies in the ongoing legal dispute with Coinbase.
Deaton accused Gensler of "gaslighting" the public, stating his position conflicts with previous commentary he made to Congress.
The SEC rejected Coinbase's rulemaking petition for three reasons: adapting current securities laws to incorporate cryptocurrencies; the SEC's involvement with crypto securities markets through rulemaking; and the importance of maintaining the Commission's discretion in defining its rulemaking strategies.