A well-known news channel, CNBC, is being questioned for not discussing a problem affecting regular people who invest in a cryptocurrency called XRP.
Deaton Shines a Light on CNBC’s Handling of SEC v. Ripple Case
Attorney John Deaton, representing over 75,000 XRP investors, is now questioning the news giant CNBC for not shedding light on the SEC’s actions against regular people who own XRP.
In a recent post on X, Attorney Deaton highlighted that CNBC used to say good things about XRP before the SEC got involved. In 2018, one of their reporters, Brian Kelly, said XRP was safe and even told how viewers could buy this cryptocurrency, which ranks fifth in market capitalization.
Deaton asks a tricky question: “Why did CNBC tell people how to buy XRP and say it’s safe, but now they’re not saying anything about the SEC saying it’s not safe?”
Former SEC Chair’s Ability for Unbiased Reporting
Some observers wonder if Jay Clayton, the former head of the SEC, who now appears on CNBC, might be influencing the network’s coverage. Deaton is asking if Clayton’s new job could affect the network’s reporting fairness.
Deaton believes that someone with Clayton’s background, who oversaw the world’s biggest capital market, should be expected to provide impartial reporting based on facts.
- Deaton also raised the possibility that CNBC’s silence might be influenced by the fact that former SEC Chairman Jay Clayton, who authorized the lawsuit against Ripple, now contributes to CNBC.
Meanwhile, the SEC v. Ripple lawsuit has been ongoing for nearly three years and the SEC filed charges against Ripple in 2020, alleging that the company had conducted an unregistered securities offering by selling XRP.
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