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July 28, 2022

Ripple lawyer: SEC chair declined to see crypto leaders

The Securities and Exchange Commission (SEC) of the United States has come under fire from prominent figures in the digital asset business due to the regulatory rules it has implemented.

Now, a lawyer has disclosed that SEC Chair Gary Gensler turned down the cryptocurrency companies’ request to meet with him last year.

According to claims made by John Deaton, the creator of Crypto Law and a lawyer representing XRP holders, Gary Gensler declined to meet with the 69K XRP holders.

Having said that, he also disclosed that the Chair of the SEC did not even meet with Congress. Instead of meeting with crucial players, Gensler meets around seven times with a company that owns the majority of its wealth.

Deaton revealed this information in a thread on Twitter, and it is being estimated that the SEC Chair’s current wealth is over $100 million. He went on to say that the commission doesn’t care about how improper it would look to be acting.

According to the Crypto Law, records of Gensler’s declaration from 2020 to 2021 indicated the bulk of his wealth is invested in funds managed by the Vanguard Group.

These data cover the time period from 2020 to 2021. Two of his most important companies are an LLC called Annabel Lee and a marital trust.

In the meantime, the public calendar of the SEC Chief does not show any significant meetings with any retail crypto companies or even with the leaders of blockchain association organizations. During the time that he was having a meeting with his asset managers.

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The data pertaining to Gensler reveal that the architect did not even bother to respond to the letter sent by the US Rep.

In addition to this, he missed out on an appearance before the Republican members of the Financial Services Committee to address some important concerns.

While he declined to face the leader of the cryptocurrency industry, SEC Enforcement was swarming retail holders in the courtroom.

The Securities and Exchange Commission (SEC) has begun monitoring the cryptocurrency exchange known as Coinbase for potential violations of regulatory laws.

The legal representatives for XRP emphasized that Coinbase has, from the very beginning, made every effort to comply with the commission’s requirements. Even after that, the XRP tokens were delisted, and the platform decided against launching LEND.

According to Deaton, the only reason Coinbase was chosen as a target was that the company cooperated with the commission.