XRP Holders' Lawyer Exposes 'Broken' SEC

, a prominent pro-crypto lawyer and legal representative of XRP holders, voiced his concerns about the agency's functionality and integrity. Deaton took to Twitter, stating that he believes the commission, as an institution, is indefensible and a broken agency that no longer upholds its core mission.Deaton's criticism stems from what he perceives as the SEC's mishandling of the cryptocurrency market.

's perspective on digital assets. In 2018, the agency made the speech of William Hinman public, which outlined the SEC's stance on cryptocurrencies. In 2019, the regulator issued a framework for"investment contracts," stating that a virtual currency used for payments and as a fiat substitute was unlikely to be classified as a security under the Howey test.had already been recognized as a virtual currency by multiple governmental bodies.

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