- Pro-XRP lawyer John Deaton criticizes SEC and Elizabeth Warren over crypto regulation, accusing them of prioritizing politics.
- Deaton accuses SEC Chairman Gary Gensler of failing to protect individual investors, causing financial harm.
- Deaton asserts that the SEC, influenced by Warren, is supporting her political agenda at the expense of investors.
Crypto regulation becomes a battleground for political agendas, with John Deaton highlighting the SEC’s and Elizabeth Warren’s controversial roles.
John Deaton Criticizes Warren and SEC Over Crypto Regulation
John Deaton’s remarks follow recent Senate discussions in which Warren urged a vote against SAB 121. According to Deaton, despite his private efforts and legal battles, he has done more to protect investors than Gensler. He cites a favorable ruling from a Democratic judge appointed by former President Obama as evidence of his commitment to consumer protection.
Deaton’s Advocacy for Sensible Crypto Regulation
Deaton has long advocated for sensible crypto regulation designed to protect investors from fraudsters 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 needs to correctly target reputable entities like Ripple, Coinbase, Kraken, Uniswap, Dragonchain, LBRY, and MetaMask while neglecting fraudulent actors.
Allegations of Mismanagement and Regulatory Failure
Deaton alleges that Gensler met with SBF multiple times but has not disclosed the details of these meetings. He suggests that SBF’s significant donations to the current administration facilitated his extraordinary access to Gensler and other regulators. Deaton believes this points to a larger issue of regulatory failure and mismanagement.
Conclusion
John Deaton’s critique of Elizabeth Warren and the SEC underscores a critical debate in the crypto community about the role of political influence in financial regulation. His insights call for a reevaluation of priorities to ensure investor protection and market stability.
