🔥US Attorney John E Deaton, representing thousands of Ripple investors in a lawsuit against the US Securities and Exchange Commission (SEC), has criticized SEC Chairman Gary Gensler for not understanding security .

📢Deaton said Gensler "completely ignored that US securities laws do not apply to the purchase of assets for non-investment use cases" and called for his resignation.

🏛️Previously, the SEC sued Ripple in December 2020, accusing the blockchain company of raising capital by selling XRP tokens as an unregistered securities offering to retail investors.

📉However, a court decision in mid-July determined that the sale was not considered an investment contract offer. This decision not only positively affected the XRP price, increasing by more than 70%, but also defeated the SEC's ambitions in the lawsuit.

🤐During a congressional hearing last week, Gensler had the opportunity to express his views on the long-running legal battle between Ripple and the watchdog, but he chose to remain silent instead of providing specific information. .