John Deaton, a prominent attorney advocating for XRP, has launched a scathing attack on Senator Elizabeth Warren and the SEC, accusing them of prioritizing political goals over the protection of investors. Specifically, Deaton has taken aim at SEC Chairman Gary Gensler, accusing him of neglecting the interests of private investors and leading to significant financial losses.
Deaton’s criticism comes in response to recent Senate debates, during which Warren called for a vote against SAB 121. Deaton claims that he has done more to protect investors than Gensler, citing a favorable ruling by a Democratic judge appointed by former President Obama as evidence of his commitment to consumer protection.
For a long time, Deaton has been advocating for reasonable crypto regulations that aim to safeguard investors from fraudulent individuals such as Sam Bankman-Fried. He is particularly critical of the SEC’s failure to prevent well-known bankruptcies like FTX, Terra, and Celsius. Deaton argues that instead of targeting reputable companies like Ripple, Coinbase, Kraken, Uniswap, Dragonchain, LBRY, and MetaMask, the SEC should focus on rooting out dishonest actors.
In relation to Gensler and his alleged meetings with SBF, Deaton claims that the specifics of these conversations have not been made public. He suggests that SBF’s significant contributions to the current administration have granted them unusual access to Gensler and other regulators, highlighting a broader issue of mismanagement and regulatory failure.
Deaton also points out regulatory inconsistencies, such as the SEC expediting the Coinbase IPO only to sue them later on. He asserts that Warren is using the SEC as a means to further her political agenda, which has devastating financial consequences for investors.
Deaton has previously criticized Warren’s letter to Treasury Secretary Janet Yellen, which raised concerns about stablecoins and their potential use by terrorist groups and rogue nations. He believes that Warren’s focus on this issue is misplaced and that she is prioritizing the interests of the banking industry over more pressing local issues in Massachusetts, such as illegal immigration, deficit spending, income inequality, inflation, opioid addiction, higher taxes, and wealth flight.
Overall, Deaton argues that Warren’s actions reflect a larger trend of political objectives overshadowing genuine investor protection. This critique aligns with his broader concerns about Gensler’s regulatory approach at the SEC.
In terms of XRP’s price movements, CoinMarketCap data shows that it is currently valued at approximately $0.5164, experiencing a slight decrease of 0.21% in the previous day. Over the past seven days, there has been a decline of 0.28%. However, recent whale activity, as reported in yesterday’s CNF report, caused XRP to surge by 3.47% in a single day, reaching $0.5168.
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