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The US Senate voted 60-38 on the effort to overturn the policy, commonly referred to as SAB 121 which is a Securities and Exchange Commission (SEC)&nbsp; crypto asset accounting rule. Reports depict that the commission’s last Notice 121 requires companies to record their holdings of crypto assets on their balance sheets. However, <a href="https://news.todayq.com/sec-targets-ripples-proposed-stablecoin-in-xrp-legal-battle/">Ripple’s legal head</a> seems to be rejoicing about this decision. Ripple legal chief happy with Senate 
Stuart Alderoty, Chief Legal Officer at Ripple, in a post stated that finally something Democrats and Republicans can agree on. He was signaling that Gensler’s unauthorized overreach when it comes to crypto will not be tolerated. 
Aligning with Ripple’s legal head’s comment, John Deaton, a well-known pro-XRP lawyer, criticized Senator Elizabeth Warren for prioritizing political agendas over investor protection. He expressed his disapproval of the current state of the SEC. 
He argued that describing the SEC as a guardian of investors is ironic when given the financial harm it has caused to those it should protect. 
Deaton highlighted the actions he took to safeguard individual investors. However, he claims that he has done more as a private citizen than Gensler has done in his capacity as SEC Chairman. Pro XPR lawyer mentioned a legal battle where a judge who former President Barack Obama appointed sided with him against Warren and Gensler. Watchdog’s crypto rule ends? 
Deaton criticized the SEC for targeting reputable companies like Ripple, Coinbase, Kraken, Uniswap, Dragonchain, LBRY, and MetaMask. Meanwhile, he hinted that the commission missed major frauds like Terra, FTX, Celsius, and BlockFi until it was too late.&nbsp; 
He noted that Gensler met with Sam Bankman-Fried (SBF) multiple times but has not disclosed the content of those meetings. During SBF’s trial, it was revealed that he donated over $10 million to the current administration to gain access to the SEC chair and other regulators. This suggests that the commission may favor those who can pay for influence. The watchdog’s actions have already troubled the market. 
Deaton called on Senator Warren to educate herself on the issues facing retail investors and blockchain users by reading the three Amicus Briefs he filed on behalf of consumers and retail investors, not corporate interests. He pointed out the inconsistency in the SEC’s actions, citing the agency’s decision to accelerate Coinbase’s IPO in 2021, only to sue the company two years later, labeling its entire business model illegal.

Ripple legal head applauds US Senates’ effort to overturn SEC’s crypto rule

Todayq News

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