Pro-XRP lawyer Bill Morgan recently criticized Elizabeth Warren in a post on X, which highlighted Coinbase CLO’s SEC takedown.
Today, March 1, pro-XRP lawyer Bill Morgan criticized Democratic Party member Elizabeth Warren in a social media post shared on X regarding her favorable opinion of the U.S. SEC’s overreach in crypto assets.
However, while the SEC faces criticism on an international scale, Morgan’s post specifically criticized the SEC reprimand of Coinbase CLO Paul Grewal concerning Kraken’s enforcement case.
As of November 2023, the U.S. SEC filed suit against Kraken, a well-known cryptocurrency exchange, on the grounds that it was operating unlawfully.
Recent events on this legal chronicle have witnessed the filing of a remarkable amicus brief by the state of Montana, which argues that the regulatory body exceeded its jurisdiction by intervening in a matter that legitimately belonged to the states.
Coinbase CLO’s Remarks Reflects Global SEC Critique Sentiment
As per Grewal’s X post, the alleged ‘ecosystem’ theory of the SEC is deemed illegal and poses a danger to the citizens of the nation.
Grewal further criticized the regulatory body’s ‘much-eyed ecosystem,’ stating, “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.”
In addition to Montana, seven other states have requested amicus briefs in the Kraken lawsuit, expressing their disagreement with the SEC’s overreach.
Meanwhile, several additional elements, including the regulatory body’s sudden exercise of this undelegated authority, endanger consumers across the nation.
This is consistent with the worldwide downturn observed by the SEC, during which the regulatory agency proceeded with filing numerous lawsuits against some of the most prestigious crypto services providers worldwide.
Morgan Pulls In Warren Amid SEC’s Takedown
As previously stated, Elizabeth Warren seems to support the policy of the American regulatory body, which is opposed to cryptocurrencies, despite international criticism.
Warren’s prior chronicles, such as criticizing the successful launch of Bitcoin ETFs, and her close connection with Gary Gensler, Chair of the Securities and Exchange Commission, bolster the anti-crypto stance noted above.
Morgan drew international attention to this matter by stating, “Warren is someone with agendas and motives that are anything but a concern with consumer protection.”
