Coingape Staff
In a social media post shared on X today, March 1, pro-XRP lawyer Bill Morgan hammered Elizabeth Warren, a member of the Democratic Party, concerning her positive stance on the U.S. SEC’s overreach in crypto assets. While the SEC faces backlash globally, Morgan’s post specifically cracked down on Coinbase CLO Paul Grewal’s SEC rebuke regarding Kraken’s enforcement case.
We get it. The whole world is against the SEC’s overreach in crypto except a few people such as @ewarren with agendas and motives that are anything but a concern with consumer protection.
— bill morgan (@Belisarius2020) March 1, 2024
Notably, the U.S. SEC sued Kraken, a renowned cryptocurrency exchange, on grounds of operating illegally, as of November 2023. In recent developments orbiting this legal chronicle, the state of Montana filed a rather remarkable amicus brief, contending that the regulatory body transgressed its authority, stepping into a jurisdiction that rightfully belonged to the states.
Coinbase CLO’s Remarks Mirrors Global SEC Critique Sentiment
According to Grewal’s post shared on X, the SEC’s so-called ‘ecosystem’ theory is unlawful and threatens the nation’s citizens. “States have a strong interest in preventing the potential preemption of consumer protection and other state laws by the SEC’s attempt to regulate crypto assets as securities,” Grewal stated, further criticizing the regulatory body’s ‘much-eyed ecosystem.’ Seven other states have joined Montana’s call for an amicus brief in the Kraken lawsuit, weighing in on the SEC’s overreach, while also opposing it.
In support of neither party, Montana just filed a rather remarkable amicus brief in the SEC’s enforcement case against Kraken. 7 other states support it. Here’s why those states all think the SEC’s “ecosystem” theory is unlawful and in fact a danger to their citizens: 1/5
— paulgrewal.eth (@iampaulgrewal) March 1, 2024
Meanwhile, numerous other factors, such as the regulatory entity’s abrupt exercise of this undelegated authority, puts consumers at risk nationwide. This falls in line with the global takedown witnessed by the SEC, as the regulatory body forged ahead with multiple lawsuits with some of the most renowned crypto services firms across the world.
Also Read: Portal Price Tanks 50% Soon After Airdrop, What’s Ahead?
Morgan Pulls In Warren Amid SEC’s Takedown
As mentioned above, while the whole world criticizes the American regulatory body, Elizabeth Warren appears to be siding with its anti-crypto stance. Warren’s previous chronicles, such as criticizing the successful commencement of Bitcoin ETFs and her close ties to Gary Gensler, Chair of the Securities and Exchange Commission, further support the anti-crypto sentiment mentioned above.
Concerning this, Morgan stated, “Warren is someone with agendas and motives that are anything but a concern with consumer protection,” nabbing global attention.
Also Read: Tom Emmer Slams SEC’s Gary Gensler For Illegal Rulemaking Amid SAB 121 Controversy
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
