Prominent cryptocurrency attorney John Deaton criticizes SEC’s approach to cryptocurrency regulation
– John Deaton accuses the SEC of losing sight of its purpose and blames Chairman Gary Gensler for being a “bad faith regulator”.
– Deaton argues that the SEC prefers an unclear regulatory landscape, citing Commissioner Hester Peirce’s Safe Harbor initiative for ICOs and emails related to former SEC official William Hinman’s speech.
– Deaton alleges that the SEC’s general counsel advised against providing regulatory clarity to Ethereum in order to keep future regulatory options open.
– Ripple’s legal battle with the SEC continues, but it has found support within the crypto community.
– Lawyer Bill Morgan questions why the SEC did not seek an injunction against Ripple’s operations if it truly believed they were engaging in harmful or illegal activities.
Hot Take
John Deaton’s criticism of the SEC highlights the ongoing controversy surrounding the regulator’s approach to cryptocurrency regulation. The accusations of a preference for ambiguity and lack of clarity raise concerns about the SEC’s objectives and strategies. As Ripple’s legal battle continues, the crypto community remains divided on the actions of both parties involved.
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