Pro-XRP lawyer, John Deaton, believes that the actions taken by the United States Securities and Exchange Commission (SEC) against the crypto industry are driven by a broader motive to safeguard corporate capitalism rather than prioritizing the protection of investors.
In his remarks, Deaton discussed various aspects of the SEC’s actions, including its approach to regulating cryptocurrencies, its focus on targeting Coinbase and Ripple, and its treatment of retail investors in the Ripple case.
Deaton argues that the U.S. operates within a framework of corporate capitalism rather than a genuine capitalist system and highlights the accredited investor rules as an example of discrimination against the working class.
Deaton also criticizes the SEC’s allocation of resources towards Section 5 cases and its focus on the secondary market on exchanges, which he believes overlooks fraud within the crypto space and hinders innovation in the cryptocurrency industry.
Furthermore, Deaton highlights the SEC’s opposition to retail investors participating as amici curiae (friends of the court) in the Ripple case, suggesting a reluctance to consider the views of individual investors and favoring larger financial institutions.
Deaton expresses concerns about a perceived double standard in crypto regulation, criticizing the SEC for not engaging in dialogue with proactive entities like Coinbase while Chair Gary Gensler had multiple meetings with Sam Bankman-Fried, the former CEO of the collapsed FTX exchange.
The unequal treatment raises concerns about the effectiveness and fairness of the regulatory body and the overall framework for digital assets, potentially impeding innovative startup growth and favoring established entities.
Bullet Points:
- Pro-XRP lawyer, John Deaton, claims that the SEC’s actions against the crypto industry prioritize corporate capitalism over investor protection.
- Deaton highlights various aspects of the SEC’s actions, including its approach to regulating cryptocurrencies, its focus on targeting Coinbase and Ripple, and its treatment of retail investors in the Ripple case.
- Deaton argues that the U.S. operates within a framework of corporate capitalism and points to the accredited investor rules as an example of discrimination against the working class.
- Deaton criticizes the SEC’s allocation of resources and its focus on the secondary market, which he believes hinders innovation in the crypto industry.
- Deaton raises concerns about the SEC’s opposition to retail investors participating in the Ripple case and its potential favoritism towards larger financial institutions.
- Deaton expresses concerns about a perceived double standard in crypto regulation, citing the SEC’s lack of engagement with Coinbase while Chair Gary Gensler had meetings with the former CEO of a collapsed exchange.
- The unequal treatment raises concerns about the effectiveness and fairness of the SEC’s regulatory actions and the overall framework for digital assets.
Bullet Points:
- Pro-XRP lawyer, John Deaton, claims that the SEC’s actions prioritize corporate capitalism over investor protection.
- Deaton highlights the SEC’s approach to regulating cryptocurrencies and its actions against Coinbase and Ripple.
- Deaton argues that the U.S. operates within a framework of corporate capitalism and points to discriminatory accredited investor rules.
- Deaton criticizes the SEC’s allocation of resources and its focus on the secondary market, hindering innovation in the crypto industry.
- Deaton raises concerns about the SEC’s opposition to retail investors participating in the Ripple case and potential favoritism towards larger financial institutions.
- Deaton expresses concerns about a perceived double standard in crypto regulation, citing the SEC’s lack of engagement with Coinbase while Chair Gary Gensler had meetings with the former CEO of a collapsed exchange.
- The unequal treatment raises concerns about the effectiveness and fairness of the SEC’s regulatory actions and the overall framework for digital assets.
