Regulation
Pro-XRP Lawyer John Deaton Attacks Warren and SEC for Regulating Cryptocurrencies
John Deaton, a prominent pro-XRP lawyer, has issued a strong criticism of the SEC Senator Elizabeth Warren, accusing them of prioritizing political agendas over investor protection. Deaton’s criticisms take particular aim at SEC Chairman Gary Gensler, who he says has failed to safeguard individual investors, causing significant financial harm.
John Deaton criticizes Warren and the SEC for regulating cryptocurrencies
John Deaton’s remarks follow recent Senate discussions in which Warren urged a no vote SAT 121. According to Deaton, despite his private efforts and legal battles, he did more to protect investors than Gensler. He cites a favorable ruling by a Democratic judge appointed by former President Obama as evidence of his commitment to consumer protection.
Deaton has long advocated for sensible cryptocurrency regulation designed to protect investors from scammers like Sam Bankman Fried (SBF). He criticizes the SEC’s failure to prevent high-profile collapses such as FTX, Terra and Celsius. Deaton argues that the SEC must properly target reputable entities such as Ripple, Coinbase, Kraken, Uniswap, Dragonchain, LBRY, and MetaMask while overlooking fraudulent actors.
Deaton claims that Gensler met with SBF multiple times but did not disclose the details of those meetings. He suggests that SBF’s significant donations to the current administration have facilitated its extraordinary access to Gensler and other regulators. Deaton believes this points to a larger problem of regulatory failure and mismanagement.
He points out the SEC’s contradictory actions, such as speeding up Coinbase IPO only to denounce them later, as an example of regulatory inconsistency. Deaton claims that under Warren’s influence, the SEC is being weaponized to further her political agenda, leaving investors financially devastated.
Deaton criticizes Warren’s cryptocurrency policy agenda
Previous reports indicated that Deaton criticized Warren’s letter to the Treasury Secretary Janet Yellen, which highlighted concerns about stablecoins and their potential exploitation by terrorist organizations and rogue nations. Deaton sees this as a misplaced priority on Warren’s part. He argues that as Massachusetts faces several crises, such as illegal immigration, deficit spending, income inequality, skyrocketing inflation, opioid addiction, increased taxation, and wealth flight, Warren is concentrating on behalf of the banking sector.
Deaton says Warren’s focus is on stablecoins it diverts attention from more pressing local issues. In his view, this reflects a broader trend that political agendas take precedence over genuine investor protection. Deaton’s criticism of Warren’s approach aligns with his broader concerns about the SEC’s regulatory strategy under Gensler.
Read also: Ripple CLO hails Senate vote to overturn SEC anti-cryptocurrency rule
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Maxwell is a cryptoeconomic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens and more for many publications. My goal is to spread awareness of this revolutionary technology and its implications for economic freedom and social good.
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