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<p>For the time being, Gary Gensler is untouchable. He will continue to reign supreme in the offices of 100 F Street, NE Washington D.C. Especially in the absence of solid arguments against his policies. Yet the crypto community has never stopped finding a breach in the SEC’s fortified line. Perhaps this latest initiative by pro-crypto lawyers will eventually succeed?</p> 
<h2 id="h-paul-grewal-isn-t-holding-back">Paul Grewal isn’t holding back</h2> 
<p>The SEC’s attacks on crypto exchanges Binance and Coinbase have awakened the sleeping geniuses among pro-crypto lawyers. Since the beginning of the <a href="http://cointribune.com/la-sec-attaque-coinbase/" target="_blank" rel="noreferrer noopener">accusation story</a> for violating securities laws against the second largest cryptocurrency exchange, Paul Grewal, Coinbase’s General Counsel, has been relentless in his attacks on the financial watchdog.</p>
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<p>Previously, <a href="http://cryptoslate.com/coinbase-legal-chief-paul-grewal-says-sec-misread-the-law/">he has argued</a> that the SEC has “misread the law” amid a regulatory blur for cryptocurrencies.</p> 
<p>While researching, Mr. Grewal tweeted new messages slamming the U.S. Securities and Exchange Commission.</p> 
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     <p lang="en" dir="ltr">I’ve read, re-reread, and re-re-read the Major Questions Doctrine holding in Nebraska at p. 19-26. Swap out “Secretary” for “Chair,” “digital asset” for “student loans,” and there is no conclusion but one: the SEC’s interpretation of “investment contract” violates the law. 1/3</p>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1676128236680495106?ref_src=twsrc%5Etfw">July 4, 2023</a>
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  SEC: the joke’s on you
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<p>Furthermore, he believes that the US regulator’s relentless pursuit of other digital assets besides bitcoin stems from its misunderstanding of the meaning of <em>“economic and political significance”</em>.</p> 
<h2 id="h-deaton-goes-all-out">Deaton goes all out</h2> 
<p>John E. Deaton, the pro-crypto lawyer who often came to Ripple’s rescue in its case against the SEC, has also been busy in recent days. Scrutinizing his tweets on a daily basis, the man who proposed <a href="http://cointribune.com/victoire-imminente-de-ripple-contre-sec-john-deaton-apporte-des-precisions/">a timetable for the publication</a> of Judge Torres’ verdict, never missed an opportunity to thwart the SEC’s attempts.</p> 
<p>His recent Twitter intervention captured the attention of the crypto community and <a href="http://thecryptobasic.com/2023/07/05/deaton-says-sec-engages-in-unconstitutional-expansion-of-howey-test/" target="_blank" rel="noreferrer noopener">The Crypto Basic</a>.</p> 
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     <p lang="en" dir="ltr">Is <a href="https://twitter.com/iampaulgrewal?ref_src=twsrc%5Etfw">@iampaulgrewal</a> engaging in hyperbole by claiming the SEC is violating the law? <br><br>LET’S REVIEW A FEW FACTS:<br><br>1) up until 2018, the SEC had no policy whatsoever regarding SEC staff owning Crypto because these digital assets were a new asset class and the SEC was unsure about it; <a href="https://t.co/9UU4jzuoZl">https://t.co/9UU4jzuoZl</a></p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1676352752388063232?ref_src=twsrc%5Etfw">July 4, 2023</a>
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<p>As you can see, this is just the top part of a long Twitter thread posted by the pro-crypto lawyer. Skimming through his arguments, we noted that the founder of Crypo-Law.us rattled off a few historical facts.</p> 
<p>He reiterated that the Senate and House of Representatives have already proposed a crypto bill. And that Congress has never been against the idea of regulating them. These same institutions also want to reduce the power in the hands of President Gary Gensler.</p> 
<p><em>“Even the executive order signed by the POTUS seems to <a href="http://cointribune.com/regulation-crypto-relation-entre-cftc-et-sec/">favor the CFTC</a> and NOT the SEC,”</em> he points out. In conclusion, he simply said that Paul Grewal is telling the truth when he speaks of a violation of the law by this institution.</p>
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The SEC “is breaking the law” ! Pro-crypto lawyers strike back

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