The US Senate has voted 60-38 to overturn a Securities and Exchange Commission (SEC) crypto asset accounting rule known as SAB 121. This rule required companies to include their crypto asset holdings on their financial statements. Ripple's Chief Legal Officer, Stuart Alderoty, expressed satisfaction with this decision, highlighting bipartisan support and opposition to what he sees as excessive control by Gensler in the crypto sphere.

In agreement with Ripple's stance, pro-XRP lawyer John Deaton criticized Senator Elizabeth Warren for prioritizing political motives over protecting investors. He voiced discontent with the SEC's current direction, questioning its role as a guardian of investor interests given the financial losses incurred under its oversight.

Deaton emphasized his efforts to protect individual investors, contrasting them with what he perceives as Gensler's lack of action as SEC Chairman. He referenced a legal dispute where a judge appointed by former President Barack Obama ruled in his favor against Warren and Gensler, underscoring his commitment to defending investors' rights.

Criticism was also directed at the SEC for targeting reputable companies like Ripple, Coinbase, Kraken, Uniswap, Dragonchain, LBRY, and MetaMask while allegedly overlooking major fraud cases involving Terra, FTX, Celsius, and BlockFi until after the fact. Deaton raised concerns about undisclosed meetings between Gensler and influential figures like Sam Bankman-Fried, suggesting a potential bias towards those with financial influence, which has unsettled the market.

Deaton urged Senator Warren to familiarize herself with the challenges faced by retail investors and blockchain users by reviewing the Amicus Briefs he submitted on behalf of consumers and retail investors. He highlighted inconsistencies in the SEC's actions, such as expediting Coinbase's IPO in 2021 only to later sue the company, branding its entire business model as unlawful.