Target Has This Altcoin! – Cryptokoin.com

John E. Deaton, a pro-Ripple (XRP) lawyer, reported that US regulators began to scrutinize a well-established altcoin project after XRP.

US regulators are after this altcoin project, not XRP anymore

Legal expert John Deaton reports that US regulators targeted another altcoin listed on KuCoin to accuse him of selling unregistered securities. Although XRP is traded on KuCoin, regulators are now more interested in Ethereum (ETH).

According to Deaton, this trend was not accidental. Allegedly, regulators want to terminate all stakeable altcoins. In particular, the New York Attorney General (NYAG) is first targeting Ethereum to restrict projects that involve such staking. cryptocoin.com We have mentioned that one of the altcoins listed in the KuCoin case is Ethereum.

Altcoin investors counterattack

Legal expert John Deaton had previously organized a group of Ethereum investors to file a class action lawsuit against the New York state attorney general. More than a thousand complainants have already joined the lawsuit, but there are currently insufficient participants directly from that state. Alongside ETH investors, KuCoin has also sued the NYAG. “Judges will now have to try the SEC,” Deaton says…

SEC could be in trouble

Attorney John E. Deaton claimed that judges will have a hard time defending the SEC’s lack of adherence to the law, excessive access and inconsistent statements in crypto enforcement actions. Deaton’s comments came in response to a Twitter thread highlighting a recent decision by Coinbase’s Chief Legal Officer Paul Grewal regarding the Voyager bankruptcy case.

In the ruling, Judge Michael E. Wiles accused regulators of fueling uncertainty in the nascent market. Judge Wiles scolded regulators for failing to establish clear rules for the nascent market and constantly struggling for control, further adding to market uncertainty.

“If the current regulatory environment can be characterized as uncertain, the future regulatory environment, I think, can only be characterized as almost unknowable,” the judge predicts. Responding to the issue, Deaton claims that the regulator lost in court. According to Deaton, the law is not on the SEC’s side.

SEC found wrong in 3 lawsuits

It’s worth noting that the regulator has suffered several losses in court in recent weeks. As Ripple’s CEO Brad Garlinghouse highlighted last week, the SEC only suffered losses in resolutions in three separate cases earlier last week.

As reiterated by Deaton recently, Judge Sarah Netburn urged the SEC in the Ripple case last July to “adopt litigation positions to advance the desired goal, not just a staunch adherence to the law.”

This year, the SEC stepped up its crypto enforcement efforts, following Gemini, Genesis, Kraken, and Paxos in two months. Meanwhile, as highlighted in a recent report, the regulator appears to have no immediate plans to curb crypto enforcement efforts, as FOX Business reporter Eleanor Terrett revealed the SEC’s emphasis on crypto enforcement in its latest budget proposal.

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