John Deaton, a prominent pro-XRP lawyer, has issued a strong critique of the SEC and Senator Elizabeth Warren, accusing them of prioritizing political agendas over investor protection. Deaton’s criticism particularly targets SEC Chairman Gary Gensler, whom he claims has failed to safeguard individual investors, leading to significant financial harm.
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 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.
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.
He highlights the SEC’s contradictory actions, such as accelerating Coinbase IPO only to sue them later, as illustrating regulatory inconsistency. Deaton asserts that under Warren’s influence, the SEC is being weaponized to support her political agenda, leaving investors financially devastated.
Deaton Critiques Warren’s Political Agenda in Crypto
Earlier reports indicated that Deaton had slammed Warren’s letter to Treasury Secretary Janet Yellen, which highlighted concerns over stablecoins and their potential exploitation by terrorist organizations and rogue nations. Deaton views this as a misplaced priority on Warren’s part. He argues that while Massachusetts faces several crises, such as illegal immigration, deficit spending, income inequality, soaring inflation, opioid addiction, increased taxation, and wealth flight, Warren is focusing on behalf of the banking industry.
Deaton contends that Warren’s focus on stablecoins diverts attention from more pressing local issues. He believes this reflects a broader trend of political agendas taking 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.
Also Read: Ripple CLO Hails Senate Vote to Overturn SEC’s Anti-Crypto Rule
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