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SEC is using tag “crypto securities” to control the narrative: CryptoLaw founder

On October 3, founder of CryptoLaw, John Deaton, criticised the U.S. Securities and Exchange Commission (SEC) for manipulating the word “crypto securities” via tweet.

In recent tweets, John Deaton has criticised the agency for attempting to control the narrative by using the tag “crypto securities” rather than the term used in the Ripple and LBRY cases, “digital asset security.”

crypto securities

As per media reports, SEC head Gary Gensler provided an update on star Kim Kardashian, who received a $1.29 million fine for promoting EthereumMax, which turned out to be a ponzi. 

The SEC via its twitter post announced charges against Kim Kardashian for advertising a “crypto security” provided by EthereumMax without reporting the cash she got for the marketing.

The newly formed term “crypto securities,” in the opinion of John Deaton, was all about manipulating the narrative.

John wrote: “Gary Gensler is playing in a zero-sum game when he creates, controls, and maintains a narrative. Anyone who actually read the SEC’s lawsuit against Ripple and XRP would have seen that it was targeting the token itself, which is analogous to alleging that the oranges in Howey were the securities.”

Over the weekend, TapJets, a private jet charter firm, asked the court to allow it to submit an amicus brief in support of Ripple in its legal dispute with the U.S. Securities and Exchange Commission.

The purpose of the brief is to argue against classifying XRP as a security. Since it enables people to book flights outside of typical banking hours, TapJets, a company that accepts XRP in exchange for its services, asserts that such a payment option is “essential.”

I-Remit, a Philippines-based remittance firm and a Ripple client, also submitted an amicus brief to describe the utility of XRP. This comes after the court accepted the Digital Chamber of Commerce’s amicus brief in support of Ripple.

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