XRP attorney John Deaton has criticized the steps the SEC has taken to protect investors.
At every opportunity, the SEC provides explanations about the steps to be taken to protect investors. However, this is also the first reason in the lawsuits. This situation came under criticism from the XRP lawyer.
XRP lawyer John Deaton criticizes SEC
XRP attorney John E. Deaton claims that the measures taken by the SEC for the crypto industry are driven by a broader idea of protecting institutional capitalism rather than prioritizing investor protection. According to him, especially the SEC’s actions targeting companies like Coinbase and Ripple are perceived as an attack against cryptocurrencies. To support his argument, Deaton expresses his belief that the United States operates within a corporate capitalism rather than a true capitalist system, and highlights various aspects of the current financial landscape.
According to Deaton, the SEC’s limited allocation of resources to Part 5 litigation and its focus on targeting the secondary market on exchanges rather than addressing fraud in the crypto space shows that priorities are misplaced. He argues that this approach could hinder innovation and hinder the development of the cryptocurrency industry.
Additionally, Deaton highlighted the SEC’s opposition to individual investors in the Ripple lawsuit, further reinforcing the perception that the regulator may prioritize the interests of larger financial institutions over those of individual investors. He also criticizes the SEC’s failure to engage in dialogue with leading crypto companies like Coinbase, while also concerned about the existence of inconsistencies, such as SEC Chairman Gary Gensler holding talks with Sam Bankman-Fried, the former CEO of FTX, who has been accused of fraud.
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