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<p>The post <a href="https://coinpedia.org/news/pro-xrp-advocate-criticizes-sec-and-slams-warren-amid-kraken-chaos/">States, Advocates Fight Back Against SEC in Defense of Kraken</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Cryptocurrency legalities are really heating up! A disturbing clash has erupted between pro-XRP lawyer Bill Morgan and Democratic Party member <a href="https://coinpedia.org/news/treasury-official-discredits-sen-warrens-crypto-terrorism-claims-undermining-legislative-efforts/">Elizabeth Warren</a>. This battle comes in response to the SEC’s controversial pursuit of <a href="https://coinpedia.org/news/kraken-vs-sec-lawsuit-update-chamber-of-digital-commerce-supports-kraken-files-amicus-brief-against-sec-overreach/">Kraken</a>, a major cryptocurrency exchange accused of alleged illegal operations since November 2023.</p> 
<p>Read on to find out more! </p> 
<h2 class="wp-block-heading" id="h-montana-steps-in-states-challenge-sec">Montana Steps In: States Challenge SEC</h2> 
<p>In a surprising move, Montana has entered the legal arena, filing an important <a href="https://coinpedia.org/news/kraken-vs-sec-lawsuit-update-chamber-of-digital-commerce-supports-kraken-files-amicus-brief-against-sec-overreach/">amicus brief</a>. Montana argues that the SEC is going too far, meddling in matters that should be handled by states. Seven other states have joined in, collectively challenging the SEC’s ‘ecosystem’ theory.</p> 
<p>Paul Grewal, Chief Legal Officer at Coinbase, plays a crucial role in this situation. He strongly criticizes the SEC’s theory, stating it’s not just against the law but also a direct threat to states’ ability to protect consumers through their laws.</p> 
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   <p lang="en" dir="ltr">In support of neither party, Montana just filed a rather remarkable amicus brief in the SEC’s enforcement case against Kraken. 7 other states support it. Here’s why those states all think the SEC’s “ecosystem” theory is unlawful and in fact a danger to their citizens: 1/5</p>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1763444533738754145?ref_src=twsrc%5Etfw">March 1, 2024</a>
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<p>Grewal’s stance gains global attention, reflecting widespread criticism of the SEC. The Kraken lawsuits symbolize the SEC’s aggressive approach, leading seven states to back Montana against what they see as regulatory overreach.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/john-deaton-challenges-elizabeth-warren-for-senate-seat-advocates-for-the-working-class/">Ripple’s John Deaton Challenges Elizabeth Warren For Senate Seat; Here’s His Pitch</a></p> 
<h2 class="wp-block-heading" id="h-warren-under-fire">Warren Under Fire?</h2> 
<p>In the midst of this legal tussle, Elizabeth Warren, known for her skepticism towards Bitcoin ETFs and close ties to <a href="https://coinpedia.org/news/secs-gary-gensler-clarifies-bitcoin-etf-nod-doesnt-guarantee-ethereum-etf-approval/">SEC Chair Gary Gensler</a>, faces scrutiny. Morgan accuses Warren of having motives that deviate from genuine concern for consumer protection, stirring ripples across the global crypto community.</p> 
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   <p lang="en" dir="ltr">We get it. The whole world is against the SEC’s overreach in crypto except a few people such as <a href="https://twitter.com/ewarren?ref_src=twsrc%5Etfw">@ewarren</a> with agendas and motives that are anything but a concern with consumer protection. <a href="https://t.co/vlYdQtezfi">https://t.co/vlYdQtezfi</a></p>— bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1763452967984963944?ref_src=twsrc%5Etfw">March 1, 2024</a>
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<p>As this legal drama continues, the clash of opinions not only escalates the courtroom battle but also sparks a broader conversation about the role of regulators. </p> 
<p>Read More: <a href="https://coinpedia.org/news/ripple-lawyer-questions-senator-warrens-silence-in-ftx-scandal/">Was Senator Warren Swayed in the FTX Scandal? John Deaton Demands Answers!</a></p> 
<p><strong>Do you believe the SEC has overstepped its boundaries? Tell us.</strong></p>

States, Advocates Fight Back Against SEC in Defense of Kraken

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