John Deaton, a pro-Ripple attorney, said the exchange lawsuits that the SEC initiated June 5 were a deliberate move that hampered the crypto industry. According to Deaton, the SEC wants to undermine Wall Street’s rapidly growing crypto interest.
The lawsuits were a strategic move, according to Ripple lawyer
A day after the US regulator SEC sued Binance, it also sued Coinbase on similar grounds. Binance, along with its founder, Changpeng Zhao, has faced charges for various regulatory violations. Later, Coinbase was accused of operating as an unlicensed brokerage and exchange. These lawsuits, filed against two leading crypto companies, have drawn significant criticism from the entire crypto community.
Attorney John Deaton, Managing Partner of Deaton Law Firm, claims that the SEC lawsuits stem from a desire to enable Wall Street to catch up with the rapidly growing crypto industry.
I'm sorry, but after watching, Blackrock, Fidelity, Citadel, Schwab and now Deutsche Bank, all apply for #Bitcoin ETFs, spot exchanges, etc. only a few days after the SEC drops a TRO on Binance and sues Coinbase… how can't you think this entire past year was a giant inside job…
— Preston Pysh (@PrestonPysh) June 20, 2023
Deaton states that he agrees with the following statements made by Bitcoin advocate Preston Pysh on Twitter:
I’m sorry, but Blackrock, Fidelity, Citadel, Schwab, and now Deutsche Bank have filed for Bitcoin ETFs, spot exchanges, and the like, just days after the SEC placed an interim injunction on Binance and sued Coinbase. We have no choice but to think that over the past year there has been a big coordinated game between Wall Street parasites and government regulators.
SEC allegations garner support from the crypto community
Crypto phenomenon Pysh pointed out that key players such as BlackRock, Citadel Securities and Fidelity Digital Assets have recently started applying for Bitcoin ETFs and spot exchanges after the SEC’s legal action against crypto giants.
Joining this view, Deaton said there could be “insider business” between Wall Street and regulators. Deaton underlined that financial giants such as BlackRock, Fidelity, Citadel, Schwab and Deutsche Bank immediately applied for Bitcoin ETFs after the SEC filed lawsuits against Binance and Coinbase.
Meanwhile, Custodia Bank CEO Caitlin Long recently stated that the timing of Wall Street firms to enter the crypto space during the SEC’s extensive crackdown is not just a coincidence. In a recent interview, he noted:
All of a sudden, there are these big Wall Street firms that got into crypto right after the runway was cleared.
BlackRock executive says Wall Street wants cryptocurrencies
BlackRock’s Joseph Chalom offered a reasonable counterpoint to the enthusiasm at the Coinbase crypto summit in New York. On Thursday, he said Wall Street is turning to crypto despite SEC pressure. However, he states that DeFi needs KYC before global adoption. “If we don’t know who we’re dealing with, we go to jail,” Chalom says.
Ripple and Bitcoin push the highs of 2023
As we quoted as Kriptokoin.com, crypto critic Peter Schiff interpreted the last run, which included Bitcoin in particular, as the ‘end of the rally’. However, holding most crypto gains following the market’s recent rally continues sideways movements.
- Bitcoin (BTC) +2.33%
- Ethereum (ETH) +0.51%
- BNB (BNB) +1.96%
- XRP (XRP) +0.11%
- Cardano (ADA) -+1.40%
- Dogecoin (DOGE) +2.63%
- Fade (LEFT) +2.50%
- Litecoin (LTC) +6.11%
- TRON (TRX) +0.14%
- Polygon (MATIC) +1.67%
- Polkadot (DOT) +3.48%
- Toncoin (TON) – +0.58%
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