Regulation

Pro-XRP Attorney Launches Petition To Investigate SEC Chair Gary Gensler’s Connections With Sam Bankman-Fried

Lawyer and XRP supporter John Deaton is launching a public marketing campaign aimed toward convincing lawmakers to probe Securities and Change Fee (SEC) chair Gary Gensler and his ties to Sam Bankman-Fried’s FTX.

Deaton’s petition on Change.org has garnered greater than 3,000 signatures at time of writing, and a message portal on his web site, CryptoLaw, has reportedly generated 12,500 messages that Deaton says have reached each senator and nearly each member of the Home of Representatives.

Reads the petition,

“The SEC’s job is to guard traders, however Gary Gensler as chairman has failed to guard retail digital asset holders again and again. Now, proof has emerged that proves that Gensler met with the mastermind of what could also be one of many greatest frauds in American historical past, Sam Bankman-Fried, earlier than the multi-billion-dollar collapse of FTX. Public paperwork have revealed that Chair Gensler and his senior employees had been assembly with Bankman-Fried a few “no motion letter” whereas an enormous fraud was happening proper below the SEC’s nostril.

This isn’t the primary time Gensler has been below an moral cloud, like when he was the topic of an Inspector Basic investigation whereas he was chairman of the Commodity Futures Buying and selling Fee (CFTC). It’s time for a full Congressional investigation of Gensler’s function in one of many greatest monetary frauds in American historical past, significantly since he has reserved the SEC’s enforcement assets for “regulation by lawsuit” in opposition to non-fraud circumstances in opposition to crypto corporations like LBRY and Ripple.”

Deaton claimed success on Twitter on Wednesday amid news that the Home of Representatives Monetary Providers Committee deliberate to carry a December listening to about FTX’s current collapse.

The lawyer has performed an energetic function within the SEC’s lawsuit in opposition to Ripple. Deaton has filed an amicus brief on behalf of XRP supporters in opposition to the SEC’s movement for abstract judgment in that case.

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