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Pro-XRP Lawyer Deaton Highlights US Govt and SEC’s Contradictory Stance On Coinbase

Pro-XRP lawyer John Deaton has criticized the U.S. Government and SEC's contradictory approach towards Coinbase, while slamming Gary Gensler for his anti-crypto stances.
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Pro-XRP Lawyer Deaton Highlights US Govt and SEC’s Contradictory Stance On Coinbase

Highlights

  • John Deaton highlights U.S. Government and SEC's difference in actions.
  • The U.S. SEC claims that Coinbase's operations are illegal, while U.S. Govt uses that exchange to sell its Bitcoin.
  • The pro-XRP lawyer also criticized SEC Chair Gary Gensler and Senator Elizabeth Warren for their anti-crypto stance.

Pro-XRP lawyer John Deaton has called out the U.S. Government and the Securities and Exchange Commission (SEC) for their seemingly contradictory positions regarding Coinbase. Deaton’s remarks, as noted in a recent social media post, have ignited further debate within the crypto community, highlighting tensions between regulatory actions and crypto industry practices.

In addition, his comments have also drawn criticism toward prominent anti-crypto figures such as Senator Elizabeth Warren.

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Pro-XRP Lawyer John Deaton Criticizes US Government & SEC Actions

John Deaton is a vocal advocate for Ripple’s native crypto XRP and a frequent critic of regulatory inconsistencies. In a recent X post, he recently expressed his frustration with the U.S. Government and the SEC’s handling of Coinbase.

Besides, Deaton took aim at SEC Chair Gary Gensler and Senator Elizabeth Warren, accusing them of contributing to an anti-crypto stance. On the other hand, he criticized the U.S. SEC’s stance on Coinbase and the U.S. Govt’s move to leverage the same crypto exchange for the latest transactions.

“This is the NONSENSE,” John Deaton wrote while commenting on the matter. He pointed out the contradiction in the government’s actions, stating, that SEC Chair Gary Gensler views Coinbase’s operation as “illegal”, and yet the U.S. Govt has sold Bitcoin to Americans using that exchange. For context, Deaton’s comments refer to a recent transaction where the U.S. Government sold 4,000 Bitcoin, valued at approximately $241.22 million, to Coinbase Prime.

Meanwhile, John Deaton’s criticism underscores a broader issue within the crypto community: the perceived disconnect between regulatory bodies’ official stances and their practical dealings with the crypto industry. His remarks suggest that the SEC’s regulatory actions against Coinbase are at odds with the government’s willingness to use the platform for significant transactions. It also raises questions about the consistency of the regulatory framework in the U.S.

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Elizabeth Warren’s Anti-Crypto Stance

In addition to his criticism of the SEC, John Deaton also targeted Senator Elizabeth Warren for her anti-crypto rhetoric. Warren has been a prominent voice advocating for stricter regulations on the crypto industry, aligning herself with an “anti-crypto army.”

However, Deaton accused her of prioritizing political maneuvers over addressing pressing economic issues within her constituency. “While Elizabeth Warren is worried about ‘Wisconsin Democrats,’ the cost of living in Massachusetts is 48% higher than the national average,” Deaton noted.

In another post, John Deaton criticized Senate Warren’s focus on political strategy over local economic challenges. He highlighted the significant disparity in housing, utilities, and basic necessities costs in Massachusetts, suggesting that Warren’s long-term focus on anti-crypto measures has overshadowed her attention to local economic conditions.

Also Read: Fetch AI Reveals Key Details On Merger With AGIX And OCEAN

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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