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Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
Pro-XRP Lawyer Argues SEC's Actions

SEC Actions Favor Corporate Capitalism Over Investors, Pro-XRP Lawyer Claims

Samuel Edyme
by Samuel Edyme
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The actions of the U.S. Securities and Exchange Commission (SEC) continue to raise eyebrows among crypto industry observers. According to John Deaton, a pro-XRP lawyer, the regulatory body’s approach to cryptocurrency regulation appears to uphold the interests of corporate capitalism rather than advocating for investor protection.

Deaton, a seasoned legal professional who has been actively involved in numerous crypto-related cases, argues that the SEC’s recent dealings with leading crypto firms Ripple and Coinbase reflect this sentiment. His claims lend weight to the growing discourse surrounding the regulatory body’s role in shaping the future of the rapidly evolving digital asset space.

Related Reading: Pro-XRP Lawyer Responds To Winklevoss’ Letter To DCG CEO: Legal Battle On The Horizon?

SEC Regulatory Approach: A Question Of Priorities

Delving deeper into his argument, Deaton criticizes the regulatory body’s apparent focus on “Section 5 cases” and its pursuit of secondary market exchanges. According to Deaton, such an approach may not effectively utilize the SEC’s limited resources.

These actions, he contends, reveal a potentially misguided emphasis on areas that may not necessarily correlate with combating fraud within the crypto landscape. As a result, Deaton suggests that the growth and innovation of the emerging cryptocurrency industry could be at risk.

For years I’ve said we don’t exist in a true capitalist system. We have corporate capitalism in the U.S. Look at the accredited investor rules and how they discriminate against the working class. Look at the attack on Crypto and the attack on Coinbase which allows non-accredited… https://t.co/JVis3xw30f

— John E Deaton (@JohnEDeaton1) July 29, 2023

Additionally, Deaton asserts that the SEC’s allocation of its resources towards these specific areas overlooks more critical issues that directly impact investors. If the securities regulator continues down this path, Deaton warns of the potential implications for the future of the crypto industry.

Ignoring Retail Investors: The Ripple Case

Deaton’s concerns extend to the regulatory body handling of retail investors, particularly evident in its opposition to their participation as ‘friends of the court’ (amici curiae) in the ongoing Ripple case.

This resistance, Deaton argues, demonstrates an apparent lack of interest in considering retail investors’ perspectives, thus reinforcing the narrative that the SEC may be more inclined to favor the concerns of larger financial institutions over those of individual investors.

Related Reading: Pro-XRP Lawyer Speculates On Bitcoin’s Surge: Is $300,000 Within Reach?

Furthermore, Deaton’s critiques serve as a catalyst for further discourse on the intersection of corporate capitalism, regulatory fairness, and the burgeoning field of cryptocurrencies. As he delineates the contours of a system skewed towards established financial institutions, it becomes evident that the emergent cryptocurrency industry necessitates a reevaluation of existing regulatory frameworks.

The global cryptocurrency market cap value on TradingView
The global cryptocurrency market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Speaking of the industry, the crypto market appears to be recovering from its slight decline experienced in the past week. In particular, over the past 24 hours, the global crypto market has seen a 0.3% gain as its valuation currently stands at $1.148 trillion.

Featured image from iStock, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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