The US Securities and Exchange Commission (SEC) is facing criticism and allegations of corruption in its battle against the US crypto industry. The US Government Accountability Office (US GAO) conducted an assessment of Staff Accounting Bulletin No. 121 (SAB 121), an anti-crypto accounting bulletin issued by the SEC, and found that the SEC did not comply with the necessary regulations. This assessment is seen as a clear statement that the SEC broke the law. Pro-XRP attorney John E. Deaton has been vocal in his criticism of the SEC, pointing out past instances where the SEC did not follow the law. Deaton believes that the SEC is riddled with corruption and does more harm than good for investors. Ripple’s Chief Legal Officer, Stuart Alderoty, also joined the conversation, highlighting the contradiction between SEC Chair Gary Gensler’s public statements and the agency’s current predicament. The fallout of the US GAO’s assessment on SAB 121 is significant, as it could lead to a lawsuit against the SEC for violating the APA’s notice-and-comment requirement. All eyes are now on the SEC to see how they will respond.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	John E. Deaton, Gary Gensler, Cody Carbone, Stuart Alderoty, Jake Chervinsky
Companies	US Government Accountability Office (US GAO), Blockchain Association, US Securities and Exchange Commission (SEC), Digital Chamber, Ripple
Currencies	XRP
Securities	None