XRP lawyer sides with Coinbase defense, presents key facts against SEC argument
He added that in 2018, when former SEC official William Hinman was drafting his infamous speech discussing digital assets in general, and asserting that BTC and ETH were nonsecurities, senior officials at the SEC acknowledged that crypto assets fell into a"regulatory gap," and it was unclear that the SEC could even regulate.
Deaton presented another key fact: in early 2021, SEC Chair Gary Gensler, while testifying at his confirmation hearing, agreed that a"regulatory gap" exists and that there is no existing regulatory framework for crypto companies as they fall outside of the CFTC and SEC frameworks. The CryptoLaw founder added that there is proposed legislation in the works dealing with crypto assets and how Congress wants them regulated. He notes that the bills take the regulatory authority out of the SEC's jurisdiction or limit the SEC's role in regulating crypto.Building on all these facts, Deaton mentioned that there is not a single case in U.S.
Also, there is not a single case that has ever found the secondary sale of an asset once utilized in an investment contract transaction to also constitute an investment contract. Deaton adds that the only appellate case involving a secondary sale of an investment contract found otherwise. He concluded by saying Coinbase's legal officer, Paul Grewal, was not hyperbolic by claiming that SEC Chair Gary Gensler and the SEC are violating the law as the agency is engaged in an unconstitutional expansion of the Howey test with its claims.
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