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John Deaton, a committed attorney backing XRP, questions the U.S. Securities and Exchange Commission's (SEC) real motives behind its stringent actions on cryptocurrencies. His views draw attention to a perceived agenda that seems less about protecting investors and more about fortifying the existing financial edifice.
Deaton does not shy away from expressing his view on the popular social media platform, X (formerly Twitter). He lays out his case by dissecting the current fiscal landscape, using his understanding of the SEC's interactions with the crypto industry, including companies like Coinbase and Ripple, to provide a nuanced perspective.
The crux of his argument revolves around the SEC's expenditure of tight resources on Section 5 cases and its seemingly unusual focus on the secondary market on exchanges rather than dealing with fraudulent activities in the crypto industry. Such a methodology, in Deaton's perspective, can throttle innovation and curb the growth of the burgeoning cryptocurrency sector.
Deaton extends his critique to the SEC's stance on retail investors participating in the Ripple case as friends of the court (amici curiae). He identifies this as an indicator of the regulator's potential preference for the interests of larger financial bodies over smaller individual investors, an implication that resonates with his theory of corporate capitalism dominance.
The attorney paints an even more alarming picture when he accuses the SEC of not providing a fair playing field for the crypto industry. He notes the absence of communication with progressive entities like Coinbase, while pointing out multiple interactions with Sam Bankman-Fried, the ex-CEO of the now-defunct FTX exchange. This dichotomy in the SEC's engagement can stifle innovation, compromise the regulatory body's credibility, and foster a landscape that leans towards the more established players over the newer ones.
The SEC's approach, as outlined by Deaton, offers food for thought about the underlying mechanisms steering cryptocurrency regulations. Its potential to uphold corporate capitalism while possibly compromising on investor protection is a discussion that warrants further investigation.
