In a social media post shared on X today, March 1, pro-XRP lawyer Bill Morgan hammered Elizabeth Warren, a member of the Democratic Party, concerning her positive stance on the U.S. SEC\u2019s overreach in crypto assets. While the SEC faces backlash globally, Morgan\u2019s post specifically cracked down on Coinbase<\/a> CLO Paul Grewal\u2019s SEC rebuke regarding Kraken\u2019s enforcement case.<\/p>\n We get it. The whole world is against the SEC\u2019s overreach in crypto except a few people such as @ewarren<\/a> with agendas and motives that are anything but a concern with consumer protection. https:\/\/t.co\/vlYdQtezfi<\/a><\/p>\n <\/p>\n \u2014 bill morgan (@Belisarius2020) March 1, 2024<\/a><\/p>\n<\/blockquote>\n Notably, the U.S. SEC sued Kraken, a renowned cryptocurrency exchange, on grounds of operating illegally, as of November 2023. In recent developments orbiting this legal chronicle, the state of Montana filed a rather remarkable amicus brief, contending that the regulatory body transgressed its authority, stepping into a jurisdiction that rightfully belonged to the states.<\/p>\n <\/p>\n According to Grewal\u2019s post shared on X, the SEC\u2019s so-called \u2018ecosystem\u2019 theory is unlawful and threatens the nation\u2019s citizens. \u201cStates have a strong interest in preventing the potential preemption of consumer protection and other state laws by the SEC\u2019s attempt to regulate crypto assets as securities,\u201d Grewal stated, further criticizing the regulatory body\u2019s \u2018much-eyed ecosystem.\u2019 Seven other states have joined Montana\u2019s call for an amicus brief in the Kraken lawsuit, weighing in on the SEC\u2019s overreach, while also opposing it.<\/p>\n In support of neither party, Montana just filed a rather remarkable amicus brief in the SEC\u2019s enforcement case against Kraken. 7 other states support it. Here\u2019s why those states all think the SEC\u2019s \u201cecosystem\u201d theory is unlawful and in fact a danger to their citizens: 1\/5<\/p>\n \u2014 paulgrewal.eth (@iampaulgrewal) March 1, 2024<\/a><\/p>\n<\/blockquote>\n Meanwhile, numerous other factors, such as the regulatory entity\u2019s abrupt exercise of this undelegated authority, puts consumers at risk nationwide. This falls in line with the global takedown witnessed by the SEC, as the regulatory body forged ahead with multiple lawsuits with some of the most renowned crypto services firms across the world.<\/p>\n <\/p>\n Also Read: Portal Price Tanks 50% Soon After Airdrop, What\u2019s Ahead?<\/a><\/strong><\/p>\n As mentioned above, while the whole world criticizes the American regulatory body, Elizabeth Warren appears to be siding with its anti-crypto stance<\/a>. Warren\u2019s previous chronicles, such as criticizing the successful commencement of Bitcoin ETFs<\/a> and her close ties to Gary Gensler, Chair of the Securities and Exchange Commission, further support the anti-crypto sentiment mentioned above.<\/p>\n <\/p>\n Concerning this, Morgan stated, \u201cWarren is someone with agendas and motives that are anything but a concern with consumer protection,\u201d nabbing global attention.<\/p>\n\n
Coinbase CLO\u2019s Remarks Mirrors Global SEC Critique Sentiment<\/h2>\n
\n
Morgan Pulls In Warren Amid SEC\u2019s Takedown<\/h2>\n
![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=200&d=mm&r=g\")