The post XRP Lawyer Deaton hits back at SEC and Warren over crypto regulation appeared on BitcoinEthereumNews.com.

John Deaton, a well-known lawyer who has spoken publicly in favor of XRP, recently published a devastating review of both the Securities and Exchange Commission (SEC) and Senator Elizabeth Warren. He opines that the above entities are more concerned about their political agendas than those of the investors. He dryly points to SEC Chairman Gary Gensler’s fault, saying the regulator failed to defend individual investors and lost money. Deaton made these statements just after the Senate discussion, during which Senator Warren urged her colleagues to vote against SAB 121. According to Deaton, his personal pursuits and constant litigation have appeared more effective in safeguarding investors than Gensler’s actions. He cites an Obama-appointed Democratic judge’s decision as evidence of his unwavering commitment to upholding consumer rights. For a long time, Deaton has advocated the implementation of sensible rules for the cryptocurrency domain to safeguard investors from people such as SBF who defraud them. He has repeatedly criticized the SEC, pointing out its inability to prevent the downfall of companies like FTX, Terra, and Celsius.  According to Deaton, the SEC’s policy approach is biased because it focuses on legitimate and reputable companies such as Ripple, Kraken, Coinbase, Uniswap, LBRY, Dragonchain, and MetaMask while neglecting those who are actually engaging in fraudulent activities. Deaton asserts that Gensler held numerous meetings with SBF without disclosing the specifics of these discussions. This implies that SBF’s substantial financial contributions to the current government could potentially grant him special privileges and intimate interactions with Gensler and other regulators. This poses a concern for the possibility of regulatory lapses due to inadequate monitoring by responsible authorities. Moreover, Deaton cites the SEC’s treatment of Coinbase’s IPO and lawsuit as an example to show how their regulation can be unpredictable. He asserts that she has turned the agency into a…

---

Filed under: News - @ May 17, 2024 12:18 pm