Renowned Lawyer Slams SEC for Corruption and Double Standards
In a scathing critique of the US Securities and Exchange Commission (SEC), pro-XRP lawyer John E. Deaton has accused the regulatory body of systemic corruption, favoritism, and a double standard in its oversight of cryptocurrencies. Deaton’s response was triggered by his colleague’s observation that the SEC failed to mention Bill Hinman’s “sufficiently decentralized” test during recent hearings involving Coinbase and Binance.
Deaton Calls Out Ethereum’s “Free Pass”
Deaton didn’t hold back in his analysis, stating that if the SEC had taken legal action against Ethereum instead of Ripple, he would have sued the SEC just as he did in defense of XRP. He also highlighted the SEC’s silence on Ethereum both before and after Hinman’s speech, raising questions about the agency’s impartiality.
A Broader Issue of Corruption
Deaton’s critique goes beyond the crypto industry, painting a picture of a broader systemic issue he calls the “Corruption Era.” He draws parallels with various incidents involving members of Congress, Nancy Pelosi, Hunter Biden, Donald Trump, Hillary Clinton, and Dr. Scott Gottlieb, suggesting a pattern of misuse of power for personal gain or in service of special interests.
XRP Price Continues to Decline
At present, XRP is trading at $0.52335, reflecting a 16% drop in the last 12 days.
Hot Take: Lawyer Exposes Corruption and Hypocrisy at SEC
Lawyer John E. Deaton has launched a scathing attack on the SEC, accusing them of corruption and double standards in their oversight of cryptocurrencies. His criticism centers around the SEC’s omission of Bill Hinman’s “sufficiently decentralized” test during recent hearings involving Coinbase and Binance. Deaton argues that the SEC’s treatment of Ethereum, compared to Ripple, highlights a lack of consistency and transparency. Furthermore, he suggests that this is not an isolated incident but part of a larger issue of corruption in government and positions of power. As XRP continues to decline in price, Deaton’s critique raises important questions about the integrity of regulatory bodies and their treatment of cryptocurrencies.
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