TL;DR

• US attorney John E Deaton noticed a potential shift in the SEC’s stance towards the cryptocurrency industry, especially after not leveraging the recent fake BTC ETF news to criticize the sector.
• Previously, SEC’s Chairman Gary Gensler frequently associated crypto with negative activities. Deaton suggests Gensler’s behavior may be influenced by major institutions’ opinions.
• Despite a rumor that the SEC approved BlackRock’s BTC ETF application causing a price surge, the approval was false. Deaton expressed more trust in judges overseeing the SEC than in the agency itself.

The SEC Seems Different

John E Deaton – a US attorney representing thousands of Ripple investors in the lawsuit against Ripple – assumed that the United States Securities and Exchange Commission (SEC) might have changed its stance towards the cryptocurrency industry. He based his theory on the fact that the agency did not use the fake BTC ETF news that circulated the space earlier this week as an opportunity to bash the digital asset sector.

Deaton reminded this was not the case in the past when the SEC’s Chairman Gary Gensler used to criticize crypto and link it to terrorism funding and criminal activity every time he had this option.

“I could be wrong, but I attribute it to the Court loss coupled with the Larry Fink affect. Gensler only cares about what the major incumbent donors, I mean institutions think.”

The lawyer’s opinion about the SEC’s softened approach coincides with the one shared by Scott Melker, better known as “The Wolf of All Streets.” The latter argued in a recent X