John Deaton, criticizes the SEC and Senator Elizabeth Warren for prioritizing political agendas over investor security.
One of the most renowned attorneys who supports XRP, John Deaton, has published a scathing criticism of the Securities and Exchange Commission (SEC) and Senator Elizabeth Warren, accusing them of putting political goals before investor security.
Deaton specifically targets Gary Gensler, the Chairman of the Securities and Exchange Commission, accusing him of failing to protect individual investors, leading to severe financial harm.
John Deaton Criticizes Warren and SEC Over Crypto Regulation
The comments made by John Deaton come after recent debates in the Senate, during which Warren advocated for a vote against Senate Bill 121.
As far as Deaton is concerned, he has done more to protect investors than Gensler has, despite the fact that he has engaged in private activities and court battles.
In order to demonstrate his dedication to consumer protection, he references a positive verdict handed down by a Democratic judge who was selected by former President Obama.
John Deaton has been a staunch advocate for reasonable crypto legislation since the start of his career, with the aim of protecting investors from scammers like Sam Bankman-Fried (SBF).
He expresses his disapproval of the SEC’s inability to avoid high-profile collapses like those of FTX, Terra and Celsius corporations. Deaton argues that the Securities and Exchange Commission (SEC) should prioritize reputable companies like Ripple, Coinbase, Kraken, Uniswap, Dragonchain, LBRY and MetaMask, while disregarding fraudulent actors.
Furthermore, John Deaton claims that Gensler has had numerous meetings with SBF, but the details of these discussions remain undisclosed.
It is his contention that the substantial contributions made by SBF to the administration that is currently in power made it possible for him to have unusual access to Gensler and other regulators.
Deaton believes this is a sign of a more widespread problem of regulatory failure and poor management.To illustrate the inconsistencies of the regulatory system, he cites the inconsistent acts taken by the SEC, such as speeding Coinbase’s initial public offering (IPO) and then later suing them.
According to Deaton, Warren’s political agenda has weaponized the Securities and Exchange Commission (SEC), leaving investors in a state of financial devastation.
Earlier reports suggested that John Deaton had expressed his disapproval of Warren’s letter to Treasury Secretary Janet Yellen, which brought attention to issues regarding stablecoins and the possibility that terrorist organizations and rogue governments could use them to their advantage.
According to Deaton, Warren’s priority in this matter is not where it should be. He contends that Warren is concentrating on behalf of the banking industry despite the fact that Massachusetts is dealing with a number of challenges, including illegal immigration, deficit spending, income disparity, soaring inflation, opioid addiction, increasing taxation, and wealth flight.
According to Deaton, Warren’s concentration on stablecoins serves to shift attention away from more important challenges in the local community. He is of the opinion that this is an example of a larger pattern in which political agendas are receiving more attention than true investor protection.
The critique that Deaton has leveled against Warren’s approach is consistent with his larger reservations about the regulatory policy that Gensler has implemented at the SEC.