Coinbase vs. SEC: Gaslighting Allegations and Denied Crypto Rulemaking

Pro-XRP lawyer John Deaton has accused SEC Chair Gary Gensler of "gaslighting" the public in the ongoing legal dispute between Coinbase and the SEC. Deaton argues that Gensler's stance on cryptocurrencies contradicts his previous statements during congressional testimony, where he acknowledged the unique nature of crypto and the regulatory gap it presents. The SEC recently rejected Coinbase's crypto rulemaking petition, citing the application of current securities laws, the SEC's engagement with crypto securities markets, and the preservation of the commission's rulemaking priorities as reasons for the denial. Deaton attributes Gensler's reversal to political motives and support from Senator Elizabeth Warren.