Pro-XRP Attorney Deaton Contemplates Congressional Address via Crucial Letter

Attorney Deaton Criticizes SEC’s Lack of Efficacy in Addressing XRP

John E. Deaton, a prominent attorney in the XRP community, expressed his frustration on social media about the ineffectiveness of writing letters to SEC Chairman Gary Gensler. He announced his intention to write a letter to the Financial Services Committee (FSC) to address this issue. According to Deaton, true oversight is not achieved through voluntary compliance or writing stern letters, but rather involuntarily.

Committee Contemplates Subpoena Power Over SEC

Eleanor Terrett, a journalist with Fox Business, highlighted that Oversight Committee Chairman Rep. James Comer was considering utilizing subpoena power over Gary Gensler and the SEC. The Committee expressed its exasperation with Gensler’s continuous non-compliance with oversight requests. The Committee cited an unnamed former SEC source who claimed that such a request had never been made before at the SEC.

Committee Dissatisfied with SEC’s Lack of Collaboration

The House Committee on Oversight and Accountability expressed its dissatisfaction with the SEC’s perceived lack of collaboration on oversight requests in a letter to the SEC Chair. The Committee raised concerns about the SEC’s involvement in European social engineering schemes, which it considered transparency initiatives. Chairman Comer suggested that the Committee might resort to compulsory processes if collaboration is not ensured.

Possible Topics of Deaton’s Letter

While the specific topic of Deaton’s letter remains undisclosed, his support for XRP and criticism of Gensler and the SEC are well-known. Deaton has previously mentioned his belief in potential conflicts of interest within the SEC and connections to China. He also questioned whether Gensler investigates and sues only non-fraudulent American companies while providing preferential treatment to those with connections to China.

SEC’s Withholding of Requested Documents

During a recent hearing before the House Financial Services Committee, Chairman Patrick McHenry criticized SEC Chairman Gary Gensler for withholding requested documents from Congress for over seven months. McHenry pointed to the SEC’s refusal to provide documents on the FTX collapse and climate disclosure rule. This further adds to the frustration and concerns regarding the SEC’s transparency and cooperation.