Call for Leadership Change in SEC: Pro-XRP Attorney Demands Gensler’s Resignation
Prominent pro-XRP attorney John Deaton criticizes the US Securities and Exchange Commission (SEC) Chairman Gary Gensler and demands his resignation. Deaton questions the SEC’s approach to regulating digital assets, citing examples of aggressive actions against companies like Ripple, LBRY, and Coinbase. He argues that the SEC’s pursuit of Ripple executives reflects a hostile regulatory stance that could negatively impact the industry.
Deaton’s Critique of SEC’s Strategy
Deaton has actively participated in legal cases as amicus curiae, opposing the SEC’s methods under Gensler’s leadership. He believes that the SEC’s enforcement proceedings and regulatory actions have been overbearing, resulting in lawsuits that affect the cryptocurrency market’s regulatory landscape.
Recent events, such as the SEC’s $1.75 million fine in the Debt Box case, have drawn attention to the regulator’s enforcement tactics. Deaton, along with others in the crypto community, argues that these tactics are excessively aggressive and financially damaging to companies.
Challenges in LBRY Case
The handling of the LBRY case by the SEC has sparked controversy, with Deaton highlighting the regulator’s intent to burden LBRY with legal fees. This revelation has triggered outrage in the crypto community, suggesting a pattern of actions aimed at inhibiting innovation and pressuring crypto firms unduly.
I am very proud of the fact that I was one of the very first people to battle @GaryGensler‘s @SECGov, serving as amici curiae in the @Ripple, @LBRYcom and @coinbase cases. I sued the SEC on January 1, 2021 and for more than three years I argued lawyers at the SEC were… https://t.co/ssOgWzgGuK
— John E Deaton (@JohnEDeaton1) May 28, 2024
Proposed Change in SEC Leadership
Deaton not only calls for Gensler’s resignation but also recommends Chris Giancarlo, former Chairman of the Commodity Futures Trading Commission (CFTC), as a potential successor. Giancarlo’s approach to cryptocurrency regulation is perceived as more progressive and supportive of innovation, aligning with Deaton’s vision for a balanced regulatory framework.
The debate over cryptocurrency regulation intensifies as critics advocate for a shift in leadership to create a more favorable environment for the industry’s growth.
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