Why Pro-XRP Lawyer John Deaton Calls For Investigation Into SEC Chair Gary Gensler ⋆ ZyCrypto
John E. Deaton, a former marine and class-action lawyer, has criticized the chairman of the SEC, Gary Gensler, for his performance as a regulator. Deaton believes that Gensler should be investigated since he has stepped up scrutiny of digital asset firms this year and declared all cryptocurrencies besides Bitcoin to fall under securities rules. He further accuses Gensler of being an agent of Wall Street’s financial elite, rather than acting in the interest of the wider public. Deaton’s comments came in response to a tweet by Brian Costello, that Gensler and the SEC covered up “a multibillion-dollar Chinese criminal enterprise defrauding US investors”. Gensler has been criticized previously for forcing the digital assets industry into a regulatory framework that is neither applicable nor compatible, and has opted to send Wells Notices to several crypto-focused firms this year, increasing tensions with the sector. The SEC has targeted several US crypto brands for offering unregistered securities and for various other violations, including Kraken, Genesis, Gemini, Bittrex, and Coinbase. These actions by the SEC have attracted the disapproval of some politicians, particularly Republicans, and some are proposing legislation to replace Gensler.
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