John Deaton Slams Former SEC Officials
During a recent event, former U.S. SEC Chair Jay Clayton expressed support for crypto and regulation in the US. However, John Deaton, representing XRP holders, criticized Clayton for his inconsistency. Deaton believes that Clayton, along with Bill Hinman and current SEC Chair Gary Gensler, embody the problems in America’s regulated financial markets.
The crypto community has accused these officials of lacking accountability, honesty, and fairness. Ripple CEO Brad Garlinghouse also expressed disbelief at Clayton’s comments about favorable regulation for crypto investors and small firms.
Bill Morgan, a pro-XRP lawyer, argued that Clayton had intended to harm XRP as a competitor to Ethereum and Bitcoin. He also claimed that Clayton played a role in the SEC’s biased treatment towards Ethereum.
XRP Price Declines
In the past 24 hours, XRP’s price has dropped by 3%, currently trading at $0.60. The trading volume has also decreased by 140% during this period.
Hot Take: John Deaton Condemns SEC Officials’ Hypocrisy
John Deaton strongly criticizes former U.S. SEC officials Jay Clayton and Bill Hinman, as well as current SEC Chair Gary Gensler, for their handling of crypto regulation in the American financial markets. He accuses them of being insincere and lacking accountability. Deaton’s condemnation resonates with the crypto community, which believes that these officials have shown bias and unfairness towards certain cryptocurrencies like XRP. The ongoing Ripple Vs SEC lawsuit highlights the controversy surrounding their actions. As the industry awaits clearer regulations, it remains to be seen how these criticisms will impact future regulatory decisions.
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