Regulation
Pro-XRP Deaton Reveals Early Senate Bills, Agrees With Musk on ‘Regulatory Capture’
Pro-XRP advocate John E Deaton’s recent post on X seems to have gained significant traction in the cryptocurrency industry. Today, July 9, Deaton addressed X, revealing what his initial Senate bill would focus on, cracking down on regulatory capture within the U.S. Securities and Exchange Commission (SEC).
Deaton’s observations, in line with those of the American entrepreneur by Elon Musk statements, underscored a shared concern about the current state of affairs, where regulators seamlessly transition into similar industry roles. The pro-XRP advocate, in the wake of his challenge to Democratic U.S. Senator Elizabeth Warren, has made eye-catching statements focusing on this saga.
Deaton’s First Senate Bills
In his post, Deaton described his tireless efforts over the years to expose regulatory capture within the US SEC. In this regard, the pro-XRP lawyer highlights how he has sued the SEC pro bono on behalf of thousands of people. This includes legal battles with Ripple Labs, aka the XRP lawsuit, Coinbase, and others.
Interestingly, since January 1, 2021, Deaton’s legal fight to ensure regulatory ethics efficiency has not helped him get a single cent. Nonetheless, Deaton has stated that his first Senate bill will “be about term limits for Congress.”
Additionally, a second bill will be imposed that imposes a 3-5 year statutory ban, barring regulators (including lawyers) from working in the same field they were just appointed to. In context, the person who serves as FDA chairman will not be allowed to sit on Pfizer’s board of directors.
Likewise, you won’t be able to immediately leave the SEC and work for a hedge fund, as Musk has also raised concerns about. “I intend to permanently close the revolving doors that exist in our federal agencies,” Deaton added. These statements seem to have quickly gained significant traction in the context of the current election landscape.
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Coinbase and XRP: Legal Battles with the SEC
Meanwhile, the XRP case seems to be favorable for Ripple Labs from now, with the filing of a supplemental notice of clearance against the SEC. However, as July 31 approaches, the XRP Community awaits a definitive conclusion.
Additionally, in recent legal developments, Coinbase has also challenged the SEC’s attempt to block access to President Gary Gensler communications, which were essential to the cause.
Overall, recent developments show that the SEC is receiving a backlash from most of the cryptocurrency industry.
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