Pro-XRP Lawyer John Deaton Endorses Former CFTC Chair for SEC
Highlights
- John Deaton endorses former CFTC Chair "Crypto Dad" for SEC leadership.
- U.S. Senate votes to overturn SEC's SAB 121 amid bipartisan pushback.
- Over 60 crypto organizations back FIT 21 for clearer digital asset regulations.
John Deaton, a pro-XRP lawyer, has come out in favor of the appointment of former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo as the new head of the Securities and Exchange Commission (SEC). Deaton’s endorsement was given at a recent meeting, where he also autographed a copy of his book for Giancarlo and his wife.
Deaton’s support is based on his perception that Giancarlo’s leadership will elicit positive reform in the SEC, particularly at a time when the regulator has important decisions to make regarding cryptocurrency regulations and digital assets management.
Former CFTC Chair Crypto-Friendly Outlook
Chris Giancarlo, who is called “Crypto Dad” in the crypto community, has promoted revolutionary financial technologies while serving at the CFTC.
In his days, the former CFTC chair endorsed the “do no harm” philosophy that is all about innovation, but consistent with investor protection. His recent appointment to the board of directors at Paxos also highlights his continuous dedication to regulated crypto markets progression.
A few weeks ago, I got to meet @giancarloMKTS, former Chairman of the @CFTC. It was an honor to sign my book for him and his incredible wife. I also learned Chris is a damn good bass 🎸 player. We need to get this man back in government – this time as Chair of the @SECGov. https://t.co/hSWQ7BWA8m
— John E Deaton (@JohnEDeaton1) May 20, 2024
Paxos is a big name in the regulated crypto markets, with a special focus on products like the U. S. dollar-pegged Pax Dollar (USDP) and partnerships with the likes of PayPal.
SEC Crypto Regulatory Turbulence
Under Gary Gensler who is the current chairman, the SEC has been criticized for its tight regulations towards cryptocurrencies with their strict implementation of Staff Accounting Bulletin (SAB) 121. This regulation mandates firms that custody crypto to account for customer crypto holdings as liabilities in their balance sheets, a development that has garnered much controversy within the financial and crypto communities.
Nevertheless, the U. S. Senate voted to rescind SAB 121, a disapproval of Gensler’s regulatory actions. This vote is a manifestation of bi-partisan opposition to what is seen as regulation overreach.
In addition, the legislative debate on cryptocurrency regulation is also picking up in legislative circles with the draft Financial Innovation and Technology for the 21st Century Act (FIT 21). This bill aims to provide clearer regulatory constructions for digital assets, separating the duties of the SEC and the CFTC.
FIT 21 enjoys much support as is evidenced by an endorsement from more than 60 cryptocurrency organizations who support the idea that the industry needs clarifications, fairness, and transparency in regulatory practices.
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