Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), has been accused of favouring a number of cryptocurrency companies and figures throughout time. Nonetheless, the latest terrible market meltdown has also been attributed to the commission. The industry for digital assets is now more volatile as a result of these activities.
US SEC Chair Ignoring His Duties
In the most recent activities, Attorney John Deaton, who is representing XRP holders in the US SEC vs. Ripple dispute, made significant accusations against the US SEC. He brought up the situation of Sequoia China and said it is a very important issue. He proposed a potential link between Sam Bankman Fried's escape, the FTX collapse, and the US SEC chair.
The lawyer emphasised that Gary Gensler's investigation might be over if his relationship was adequately looked into. Nevertheless, Sequoia was included in the list of top investors in the FTX. SBF had invested $200 million in the Sequoia funds.
He said that the CCP was made possible by Congress. However, the US SEC's Gary Gensler has not been held liable by the authorities for looking into capital market claims made against Sequoia's Chinese principle.
According to the most recent studies, everything other than bitcoin can be considered security. Deaton said that the US SEC was obliged to concede that it cannot claim that XRP, Ripple's native token, is a security per se due to the writ of mandamus filed in a motion to intervene.
