Attorney John Deaton’s Views on SEC Crypto Battles
In a recent interview, attorney John Deaton shared his thoughts on the ongoing fights between the U.S. Securities and Exchange Commission (SEC) and crypto groups. He spoke about possible agreements, the SEC’s tough stance, and the problems crypto platforms are facing.
Unlikelihood of Settlements
Deaton expressed his lack of hope for settlements, stating that he doesn’t believe they will happen. He likened the SEC’s approach to a scorched-earth policy, indicating the commission’s all-out war on crypto.
SEC’s Lawsuits and Tough Choices for Crypto Platforms
He commented on the SEC’s lawsuits against major crypto platforms Coinbase and Kraken. Deaton praised Coinbase for adhering to the rules while noting Kraken’s difficult decision to settle for $50 million. He emphasized the challenges faced by these platforms in dealing with legal battles.
Fear of SEC’s Power and Advocacy for Change
Deaton also discussed bigger issues, such as Senator Elizabeth Warren’s plan to ban Bitcoin, expressing concern about the SEC’s authority and advocating for significant changes in the agency’s operations. He also raised concerns about the SEC’s actions against his law firm, highlighting the need for a fairer system.
Potential Involvement in Coinbase Case
Deaton mentioned his potential involvement in the Coinbase case if their motion to dismiss is denied on January 17th, expressing his desire to ensure that the voices of regular individuals are heard in legal matters.
Hot Take: John Deaton’s Call for Change in SEC’s Approach
John Deaton’s insights reveal a stance against the SEC’s aggressive approach towards crypto, emphasizing the need for significant reforms and fairness in its dealings.
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