Regulation
John Deaton blames Warren and Biden for partisan posturing
Pro-XRP attorney John Deaton has accused Senator Elizabeth Warren and President Joe Biden of being too political in their approach to regulating cryptocurrencies.
Deaton, with whom he is competing Senator Warren in the upcoming elections, he believes that regulation of digital assets should transcend partisan politics, focusing on the fact that innovation is necessary in light of the diverse issues facing the country.
John Deaton Blames Warren and Biden for Partisan Stance on Crypto
John DeatonThe criticism emerges at a time when the United States is facing challenges such as immigration, inflation and health care costs. However, according to Deaton, Senator Warren appears to be overly concerned about the regulation of cryptocurrencies, which could cost her the support of many American voters.
According to Deaton, Warren’s attention to this aspect must be in line with the needs of the people she represents.
In addition to Deaton’s criticisms, Antonio Scaramucci drew attention to the fact that many people own cryptocurrencies, pointing out that 93 million Americans own cryptocurrencies, (an increase from 30% to 40%) according to Google, which is comparable to the number of people who own dogs, 65 million.
Scaramucci used this analogy to explain the adoption and acceptance of cryptocurrencies and challenged the logic of being against them as an asset class enjoyed by many.
President Biden’s veto on SAB 121
However, amidst this criticism President Biden decided to veto the repeal of SEC Staff Accounting Bulletin 121 (SAB 121) even with bipartisan support from the House and Senate. The administration argues that eliminating this particular regulation could pose a threat to consumer and investor protection and could result in increased market volatility and financial risk.
Tom EmmerCryptocurrency and innovation advocate also criticized the administration’s stance. Emmer accuses high-level politicians like Warren of being too cautious and unaware of the developments happening in the field of digital currencies.
He calls these attitudes poisonous to the future of internet finance and points out that they stem from a misunderstanding of the importance of digital assets in today’s finance.
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