- Prominent pro-XRP attorney John Deaton has demanded that US Securities and Exchange Commission Chairman Gary Gensler step down in the wake of many high-profile court disputes and growing disapproval of the SEC’s regulatory strategy under Gensler’s direction.
- Deaton has been a vocal critic of the SEC’s strategy, particularly highlighting its actions against companies like Ripple, LBRY, and Coinbase.
- He contends that the SEC’s relentless pursuit of Ripple executives Brad Garlinghouse and Chris Larsen exemplifies a harmful and antagonistic regulatory stance that could have long-lasting negative impacts on the industry.
John Deaton calls for SEC Chairman Gary Gensler’s resignation amid growing criticism of the SEC’s regulatory approach in the crypto industry.
Deaton’s Criticism Of Gensler Intensifies
Deaton has been a vocal critic of the SEC’s strategy, particularly highlighting its actions against companies like Ripple, LBRY, and Coinbase. He contends that the SEC’s relentless pursuit of Ripple executives Brad Garlinghouse and Chris Larsen exemplifies a harmful and antagonistic regulatory stance that could have long-lasting negative impacts on the industry.
Call For SEC Leadership Change
One of the most contentious points has been the SEC’s handling of the LBRY case. Deaton claims that SEC representatives publicly stated their intention to cripple LBRY with legal fees, a revelation that has sparked widespread outrage within the crypto community. This, he argues, is indicative of a broader pattern of bad faith actions designed to stifle innovation and exert undue pressure on crypto firms.
Conclusion
In his call for leadership change, Deaton has not only demanded Gensler’s resignation but has also proposed a successor: Chris Giancarlo, the former Chairman of the Commodity Futures Trading Commission (CFTC). Giancarlo, known for his more progressive and innovation-friendly approach to cryptocurrency regulation, is seen by Deaton as the ideal candidate to lead the SEC towards a more balanced and supportive regulatory framework. The debate over how digital assets should be regulated is intensifying, with critics like Deaton arguing that the SEC’s current approach is unpredictable and harmful. They believe a shift in leadership is necessary to foster a more conducive environment for the growth of the crypto market.
