John E. Deaton, a lawyer known for representing XRP holders in the Ripple Labs lawsuit against the US Securities and Exchange Commission (SEC), has publicly endorsed former SEC Commissioner Paul Atkins for the role of SEC Chair. Deaton, who also ran for the US Senate in Massachusetts, expressed his support on X, highlighting Atkins’s regulatory expertise and sharply criticizing current SEC Chair Gary Gensler.
Pro-XRP Lawyer Deaton Supports Paul Atkins
“Paul Atkins is great and I’ll certainly welcome and support him if selected,” Deaton stated, emphasizing that Atkins is “light years ahead of Gary Gensler—who’s, without question, the worst SEC Chair in modern history.”
Deaton called for significant reforms within the SEC, expressing his desire for the incoming chair to radically overhaul the agency. He stated his preference for the new leadership to “do to the SEC what Elon Musk, Vivek Ramaswamy plan on doing with DOGE.”
He urged influential figures close to former President Donald Trump—such as JD Vance, Howard Lutnick, Marc Andreessen, Donald Trump Jr., and David Sacks—to advocate for a chair who would enact substantial changes. Deaton hoped that the incoming chair would “go into the SEC with a blow torch and chainsaw and fire anyone who participated in the gross overreach and misconduct during the last four years.”
Accusing certain SEC lawyers of unethical behavior, Deaton alleged that they “didn’t just target crypto, bully small businesses and startups, and engage in regulation by enforcement; they acted unethically and engaged in misconduct.” He proposed these individuals “deserve to lose their job and possibly be investigated by the Inspector General.”
Deaton also mentioned other potential candidates for the SEC Chair position, including Brad Bondi and Brian Brooks, expressing optimism that any new leader would be committed to overhauling the agency. “Whether it’s Brad Bondi, Brian Brooks, or Paul Atkins, let’s hope they each share a similar sentiment,” he remarked. “I know Brad Bondi does. His sister Pam Bondi is already bringing that same attitude to the DOJ. We need it at the SEC as well. I suspect Brian Brooks does, and I hope Atkins does as well.”
His comments were in response to FOX Business journalist Eleanor Terrett, who reported that Paul Atkins is being considered to succeed Gary Gensler as SEC Chair. Terrett noted that while “nothing is final until we hear it from Donald Trump himself,” Atkins is “certainly the current favorite among the people at Mar-a-Lago who have Trump’s ear.”
Highlighting Atkins’s extensive experience within the SEC, Terrett wrote that his “biggest appeal is that he possesses a deep understanding of the inner workings of the agency as both a former commissioner under President George W. Bush and a staffer under two prior SEC Chairs—Richard C. Breeden and Arthur Levitt.” She added that Atkins is “pro-crypto but perhaps more importantly, he’s got policy chops in other areas of the $100 trillion securities markets the SEC has oversight of.”
According to Terrett, Atkins is seen as capable of establishing a pro-innovation agenda while returning the agency to the so-called “gold standard” that many in the Republican Party feel was lost under Gensler. With most of Trump’s cabinet picks announced, the transition team is now focusing on filling federal agency positions, though it remains unclear when these announcements will be made. “Could be any day now,” she commented.
As reported by Bitcoinist yesterday, Trump’s top candidate for the role of “Crypto Czar,” Chris Giancarlo, believes that the new SEC Chair will dismiss ongoing crypto lawsuits, such as the XRP lawsuit, once in office.
At press time, XRP traded at $1.47.
