The actions of the U.S. Securities and Exchange Commission (SEC) continue to raise eyebrows among crypto industry observers. According to John Deaton, a pro-XRP lawyer, the regulatory body’s approach to cryptocurrency regulation appears to uphold the interests of corporate capitalism rather than advocating for investor protection.
Deaton, a seasoned legal professional who has been actively involved in numerous crypto-related cases, argues that the SEC’s recent dealings with leading crypto firms Ripple and Coinbase reflect this sentiment. His claims lend weight to the growing discourse surrounding the regulatory body’s role in shaping the future of the rapidly evolving digital asset space.
SEC Regulatory Approach: A Question Of Priorities
Delving deeper into his argument, Deaton criticizes the regulatory body’s apparent focus on “Section 5 cases” and its pursuit of secondary market exchanges. According to Deaton, such an approach may not effectively utilize the SEC’s limited resources.
These actions, he contends, reveal a potentially misguided emphasis on areas that may not necessarily correlate with combating fraud within the crypto landscape. As a result, Deaton suggests that the growth and innovation of the emerging cryptocurrency industry could be at risk.
For years I’ve said we don’t exist in a true capitalist system. We have corporate capitalism in the U.S. Look at the accredited investor rules and how they discriminate against the working class. Look at the attack on Crypto and the attack on Coinbase which allows non-accredited… https://t.co/JVis3xw30f
— John E Deaton (@JohnEDeat
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Author: Samuel Edyme
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