Pro-XRP lawyer John E Deaton’s recent post on X appears to have gained significant traction across the crypto industry. Today, July 9, Deaton took to X, revealing what his initial Senate Bills would focus on, cracking down on regulatory capture within the U.S. SEC (Securities and Exchange Commission).
Deaton’s remarks, in alignment with the American entrepreneur Elon Musk’s statements, underscored a shared concern about the current state of affairs, where regulators seamlessly transition into similar industry roles. The pro-XRP lawyer, in the wake of challenging Democratic U.S. Sen. Elizabeth Warren, has made attention-nabbing statements zeroing in on this saga.
Deaton’s Initial Senate Bills
In his post, Deaton detailed his tireless efforts over the years to expose regulatory capture within the U.S SEC. Concerning this, the pro-XRP lawyer spotlights how he sued the SEC pro bono on behalf of thousands. This encompasses legal battles with Ripple Labs, aka the XRP lawsuit, Coinbase, and others.
Intriguingly, since January 1, 2021, Deaton’s legal tussle to ensure ethical regulatory efficiency has not aided him in achieving even a dime. Nonetheless, Deaton stated that his first Senate Bill “will be for congressional term limits.”
Further, a second bill that imposes a 3-5 year statutory bar, preventing regulators (including lawyers) from working in the same industry they were just in charge of regulating, will also be imposed. In context, one working as the FDA Chairman won’t be able to sit on the chair of Pfizer’s Board.
Similarly, one won’t be able to leave the SEC and immediately work for a hedge fund, as Musk also raised concerns over. “I plan to weld the revolving doors existing at our federal agencies permanently shut,” Deaton added. These statements appear to have promptly gained significant traction amid the ongoing election scenario.
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Coinbase & XRP’s Legal Tussles With SEC
Meanwhile, the XRP lawsuit appears to be on the favorable side for Ripple Labs as of now, with the filing of a notice of supplemental authority against the SEC. However, as July 31 nears, the XRP community awaits a final conclusion.
Further, in recent legal developments, Coinbase also challenged the SEC’s attempt to prevent access to Chair Gary Gensler’s communications, which was vital to the lawsuit.
Collectively, recent developments illustrate that the SEC is receiving a backlash from the majority of the crypto industry.
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