Kenne Michael 
John Deaton, an attorney representing 75,000 XRP investors impacted by the U.S. SEC vs. Ripple Labs case, took to X in response to the U.S. Securities and Exchange Commission (SEC) issuing SAB 121 in violation of the law.
The Government Accountability Office (GAO) concludes that the U.S. SEC drafted SAB 121 without input from regulators or the general public.
Deaton Responds To SEC Violating The Law
Pro-XRP attorney John Deaton, in a post on X, said it is a straightforward statement from the U.S. GAO that the Securities and Exchange Commission (SEC) under Chair Gay Gensler broke the law.
In response to the SEC’s issuance of SAB 121 without congressional review, Deaton emphasized SEC’s mistakes against cryptocurrencies, which harmed investors rather than safeguarding them.
“It was an incredible statement for a federal judge to make. I was shocked at the little attention MSM paid to such a shocking statement. Here’s what I can say with great conviction: Today, the SEC does more to hurt investors than it does to protect investors. It has become both an inept and corrupt organization.”
Moreover, he asserts that the SEC has consistently disregarded the law about the Ripple lawsuit.
Federal judges called the SEC’s enforcement attorneys and leadership “hypocrites” over their irrational approach to regulating cryptocurrency.
In addition, he stated that they “lack a faithful allegiance to the law.”
In the Grayscale lawsuit, federal judges called the US SEC’s claims “arbitrary and capricious,” in the Ripple XRP lawsuit, Judge Netburn used the term “hypocrisy” to characterize the SEC’s inconsistent positions.
XRP Price Continues to Rise
In the last 24 hours, the price of XRP has increased by more than 1%, extending its upward trend from the previous periods.
The price has increased nearly 20% in the past month and is currently trading at $0.60.
The 24-hour low is $0.582 and the 24-hour high is $0.612, respectively.
However, trading volume has decreased ahead of the U.S. Federal Reserve’s decision to raise interest rates.