John Deaton Blasts SEC and Warren: XRP Price Updates and Regulatory Missteps

• John Deaton takes aim at Elizabeth Warren and the SEC for putting political goals ahead of investor protection.
• Price of XRP is $0.5164, showing little drops even if whale activity just raised it to $0.5168.

Prominent pro-XRP attorney John Deaton has sharply criticized Senator Elizabeth Warren and the SEC, charging them with putting investor security last and political goals first. Particularly under fire from Deaton is SEC Chairman Gary Gensler, whom he says has neglected to protect private investors, resulting in serious financial loss.

Position of Deaton on Current Senate Debates

Deaton’s comments came after recent Senate debates during which Warren called for a vote against SAB 121. Deaton claims he has protected investors more than Gensler, even with his private initiatives and legal conflicts. He cites a favorable ruling by a Democratic judge that former President Obama nominated as evidence of his dedication to consumer protection.

For a long time, Deaton has supported reasonable crypto regulations meant to shield investors from con artists such as Sam Bankman-Fried.

He takes issue with the SEC’s inability to stop well-publicized bankruptcies like FTX, Terra and Celsius. Deaton contends that, while ignoring dishonest players, the SEC should appropriately target respectable companies like Ripple, Coinbase, Kraken, Uniswap, Dragonchain, LBRY, and MetaMask.

Concerning Gensler and SBF, Allegations

Deaton said Gensler has had several meetings with SBF but has not made the specifics of these conversations public. He contends that SBF’s large contributions to the present administration made his remarkable access to Gensler and other regulators possible. Deaton feels that this reveals a more serious problem of mismanagement and regulatory failure.

He draws attention to regulatory inconsistency by pointing out that the SEC acted inconsistently, like by speeding up the Coinbase IPO only to sue them afterward. According to Deaton, Warren is using the SEC as a tool to further her political goals, which is financially devastating to investors.

Discussions Cryptopolitical Agenda of Warren

According to earlier accounts, Deaton attacked Warren’s letter to Treasury Secretary Janet Yellen, which raised issues about stablecoins and their possible use by terrorist groups and outlaw countries. Deaton believes Warren placed this as the wrong priority.

He contends that Warren is speaking for the banking industry even though Massachusetts is dealing with a number of issues, including illegal immigration, deficit spending, income disparity, skyrocketing inflation, opioid addiction, higher taxes, and wealth flight

Deaton argues that Warren’s interest to stablecoins takes focus away from more urgent local problems. This, he feels, is indicative of a larger tendency of political goals to supersede sincere investor protection. Deaton’s critique of Warren’s strategy fits with his larger worries about Gensler’s regulatory approach at the SEC.

Movements in XRP Prices During Regulatory Inspection

CoinMarketCap data shows that XRP is currently valued at about $0.5164, having decreased by 0.21% over the previous day. This represents a fall of 0.28% throughout the last seven days as well. But the whale activity reported in yesterday’s CNF report drove XRP up 3.47% in a single day to $0.5168.

Recommended for you: