XRP Lawsuit News: The U.S. Securities and Exchange Commission (SEC) is allegedly pushing its limits in order to tighten its jurisdiction over the digital asset industry. However, XRP Holders’ lawyer has claimed that the SEC is filing cases against crypto firms as it wants to kill the market.
XRP lawyer slams watchdogs approach
Gabriel Shapiro, General Counsel at Delphi Labs mentioned that SEC is aggressively expanding the notion of “disgorgement” in the lawsuit against LBRY. It is trying to treat all distributions of LBC tokens as sales.
It added that the SEC is equating the resulting benefits of distribution to profit generated on the current LBC spot price.
John Deaton, amicus curiae in the XRP lawsuit or XRP holders’ lawyer slammed the SEC over its approach towards the crypto market. He highlighted the commission’s alleged in its objection that all money raised by the crypto firms went into operation.
SEC making abrupt claims
Deaton added that after these claims the SEC brings up disgorgement. As per the XRP lawyer, under Liu, it is meant to be offset by legitimate business expenses. However, the watchdog pled that everything raised by the LBRY went into operations.
XRP lawyer is being abusive in the non-fraud case against LBRY. He mentioned this directly reflecting the SEC’s approach to crypto which is to kill it. Deaton brought up the SEC vs KiK summary judgment the commission wasn’t able to get disgorgement.
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