John Deaton, a well-known lawyer who has spoken publicly in favor of XRP, recently published a devastating review of both the Securities and Exchange Commission (SEC) and Senator Elizabeth Warren. He opines that the above entities are more concerned about their political agendas than those of the investors. He dryly points to SEC Chairman Gary Gensler’s fault, saying the regulator failed to defend individual investors and lost money.
Deaton made these statements just after the Senate discussion, during which Senator Warren urged her colleagues to vote against SAB 121. According to Deaton, his personal pursuits and constant litigation have appeared more effective in safeguarding investors than Gensler’s actions. He cites an Obama-appointed Democratic judge’s decision as evidence of his unwavering commitment to upholding consumer rights.
For a long time, Deaton has advocated the implementation of sensible rules for the cryptocurrency domain to safeguard investors from people such as SBF who defraud them. He has repeatedly criticized the SEC, pointing out its inability to prevent the downfall of companies like FTX, Terra, and Celsius.
According to Deaton, the SEC’s policy approach is biased because it focuses on legitimate and reputable companies such as Ripple, Kraken, Coinbase, Uniswap, LBRY, Dragonchain, and MetaMask while neglecting those who are actually engaging in fraudulent activities.
Deaton asserts that Gensler held numerous meetings with SBF without disclosing the specifics of these discussions. This implies that SBF’s substantial financial contributions to the current government could potentially grant him special privileges and intimate interactions with Gensler and other regulators. This poses a concern for the possibility of regulatory lapses due to inadequate monitoring by responsible authorities.
Moreover, Deaton cites the SEC’s treatment of Coinbase’s IPO and lawsuit as an example to show how their regulation can be unpredictable. He asserts that she has turned the agency into a political machine, using it to further her political cause. Unfortunately, this deception has caused far-reaching financial damage for numerous investors.
Previously, Warren became a victim of ridicule after the revelation of the letter she had written to the Treasury Secretary, Janet Yellen. The letter referenced the use of stablecoins as a weapon by terrorists and rogue countries.
Deaton posits that Warren’s focus on common coins and attention may distract the public from pressing issues in Massachusetts, like illegal immigration, deficit spending, income inequality, rising inflation rates, opioid addiction, additional taxes, and excessive wealth. He claims that Warren’s decisions only considered service as an industry for the banks and did not address the most urgent local problems.
Deaton contends that this is a consequence of the SEC’s direction under Gensler, where political objectives crowd out investor protection. He cites this issue in response to a lack of synergy between regulatory agencies and certain politicians. He argues for an audit to ensure the safety of investors.
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