Pro-XRP Lawyer John Deaton Criticizes SEC
Lawyer John Deaton has taken to the X platform to express his strong disapproval of the actions of the U.S. Securities and Exchange Commission (SEC). Deaton argues that the SEC’s recent crypto speech is nothing more than a “pure money grab” and questions the agency’s motives, suggesting a lack of transparency and corruption within the regulatory landscape.
This critique sheds light on an era where conflicts of interest and improprieties are becoming increasingly common.
Deaton Would Have Sued SEC for Ethereum
In his post, John Deaton states that he would have sued the SEC in the same manner as it did with Ripple if the case involved Ethereum, Consensys, Ethereum Co-founder Joseph Lubin, or Vitalik Buterin. He alleges that this demonstrates a broader issue of corruption, which he refers to as the “Corruption Era,” involving influential political figures. Deaton also suggests that mainstream media fails to adequately scrutinize these issues.
According to Deaton, regulatory officials are providing advantages to those who fund them, including allowing them to contribute to speeches and subsequently work for them. This highlights a disregard for conflicts of interest in today’s era.
SEC Hearings and Omission of ‘Sufficiently Decentralized’ Test
Another post by crypto lawyer MetaLawMan echoes Deaton’s concerns. The post raises questions about the SEC’s selective omissions during hearings involving Coinbase and Binance, particularly regarding Bill Hinman’s creation of the “sufficiently decentralized” test. This omission suggests a lack of transparency and raises doubts about how the SEC handles guidance related to classifying crypto tokens.
The SEC emphasized the benefits of its guidance on determining whether crypto tokens are securities but conveniently ignored the “sufficiently decentralized” test, creating inconsistencies and potential bias in their regulatory approach.
Growing Skepticism and the Need for Transparency
Deaton’s criticism and MetaLawMan’s observations reflect a growing skepticism towards the SEC’s regulatory practices in the crypto industry. As regulations continue to evolve, there is an increasing demand for transparency, fairness, and consistent guidelines. The unfolding narrative raises important questions about the accountability of regulatory bodies in shaping the future of cryptocurrencies.
Hot Take: The SEC Faces Accusations of Corruption and Selective Omissions
Pro-XRP lawyer John Deaton and crypto lawyer MetaLawMan have both publicly criticized the U.S. Securities and Exchange Commission (SEC) for alleged corruption and selective omissions in their regulatory actions. Deaton argues that the SEC’s recent crypto speech is a “pure money grab” lacking transparency, while MetaLawMan questions the omission of Bill Hinman’s “sufficiently decentralized” test during hearings.
These criticisms highlight concerns about conflicts of interest, favoritism, and inconsistency within the SEC’s regulatory practices. As the crypto community navigates evolving regulations, transparency, fairness, and consistent guidelines are seen as crucial for building trust in the industry. The accusations against the SEC raise important questions about the role and accountability of regulatory bodies in shaping the future of cryptocurrencies.
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