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Expressing strong criticism of the U.S. Securities and Exchange Commission (SEC), pro-XRP lawyer John Deaton condemns what he perceives as a blatant financial maneuver in the recent crypto speech, describing it as a ‘pure money grab’. Meanwhile, Deaton’s bold statements question the SEC’s motives, alleging a lack of transparency and highlighting a broader issue of corruption in the regulatory landscape.
Notably, the post sheds light on a contentious era where conflicts of interest and improprieties seem to be the norm.
Pro-XRP Lawyer John Deaton Slams SEC
John Deaton has recently made a post on the X platform, which reflects a deep skepticism towards the SEC’s actions. In his post, he emphasized that he would have sued SEC the same way it did for Ripple if the case was against Ethereum, Consensys, Ethereum Co-founder and Consensys founder Joseph Lubin, Vitalik Buterin, “alleging ETH was a security”.
Meanwhile, he points to a broader context, labeling the current period as the “Corruption Era,” citing instances of alleged corruption involving prominent political figures. In addition, John Deaton contends that this environment enables regulatory officials to provide favorable advantages to those influencing them, with little scrutiny from mainstream media.
According to Deaton, the Director of Corporation Finance wouldn’t hesitate to provide regulatory advantages to those funding him, even allowing them to contribute to the speech and subsequently work for them. This, he argues, is symptomatic of an era marked by a blatant disregard for conflicts of interest.
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SEC Hearings and the Omission of ‘Sufficiently Decentralized’ Test
John Deaton’s sentiments find resonance in a post shared by renowned crypto lawyer MetaLawMan. The post questions the SEC’s selective omissions during Coinbase and Binance hearings, specifically the absence of any mention of Bill Hinman’s creation of the “sufficiently decentralized” test. Notably, the post, according to MetaLawMan, implies a lack of transparency and raises concerns about the SEC’s handling of guidance related to crypto token classification.
During the hearings, the SEC highlighted the benefits of its guidance on analyzing whether crypto tokens are securities but conveniently left out any reference to Bill Hinman’s “sufficiently decentralized” test, creating an air of inconsistency and potential bias in their regulatory approach.
Deaton’s outspoken criticism and MetaLawMan’s pointed observations underline a growing skepticism regarding the SEC’s regulatory practices within the crypto space. As the crypto community grapples with evolving regulations, the need for transparency, fairness, and consistent guidelines becomes increasingly evident. The unfolding narrative raises critical questions about the role of regulatory bodies and their accountability in shaping the future of the cryptocurrency industry.
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