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Pro-XRP lawyer Bill Morgan recently slammed Elizabeth Warren in a post shared on X, spotlighting Coinbase CLO's SEC takedown.
STORY HIGHLIGHTS
Pro-XRP lawyer Bill Morgan Spotlights Coinbase CLO's post.
Coinbase CLO rebukes the U.S. SEC concerning its lawsuit with Kraken.
Morgan draws attention to Warren's anti-crypto stance, falling in line with that of the SEC's.
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. SECâs overreach in crypto assets. While the SEC faces backlash globally, Morganâs post specifically cracked down on Coinbase CLO Paul Grewalâs SEC rebuke regarding Krakenâs enforcement case.
We get it. The whole world is against the SECâs overreach in crypto except a few people such as @ewarren with agendas and motives that are anything but a concern with consumer protection. https://t.co/vlYdQtezfi
â bill morgan (@Belisarius2020)Â March 1, 2024
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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 CLOâs Remarks Mirrors Global SEC Critique Sentiment
According to Grewalâs post shared on X, the SECâs so-called âecosystemâ theory is unlawful and threatens the nationâs citizens. âStates have a strong interest in preventing the potential preemption of consumer protection and other state laws by the SECâs attempt to regulate crypto assets as securities,â Grewal stated, further criticizing the regulatory bodyâs âmuch-eyed ecosystem.â Seven other states have joined Montanaâs call for an amicus brief in the Kraken lawsuit, weighing in on the SECâs overreach, while also opposing it.
In support of neither party, Montana just filed a rather remarkable amicus brief in the SECâs enforcement case against Kraken. 7 other states support it. Hereâs why those states all think the SECâs âecosystemâ theory is unlawful and in fact a danger to their citizens: 1/5
â paulgrewal.eth (@iampaulgrewal)Â March 1, 2024
Meanwhile, numerous other factors, such as the regulatory entityâs 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.
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Morgan Pulls In Warren Amid SECâs Takedown
As mentioned above, while the whole world criticizes the American regulatory body, Elizabeth Warren appears to be siding with its anti-crypto stance. Warrenâs 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, âWarren is someone with agendas and motives that are anything but a concern with consumer protection,â nabbing global attention.