Ripple Backer
John Deaton Condemns
SEC Chair For Small Investor Damage
Ripple Backer John Deaton Condemns SEC Chair For Small Investor Damage
by Christian Encila
1 hour ago
in Crypto News
0
John Deaton, a prominent XRP advocate and candidate for the US• Экономика » Финансы » Платежные средства » Доллар США Senate in
Massachusetts, has once again voiced his staunch criticism of the US• Экономика » Финансы » Платежные средства » Доллар США
Securities and Exchange Commission (SEC) and its chairman, Gary Gensler.
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Crypto
Deaton accuses them of inflicting significant damage on small cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
investors, specifically targeting those who have invested in XRP . This latest
salvo from Deaton underscores the growing friction between the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
community and regulatory authorities in the United States• Соединённые Штаты Америки (США).
Gensler Under Fire: Allegations And Controversies
Deaton s criticism doesn t stop at general accusations. He has
publicly declared his 100% conviction that Gensler and the SEC
have caused more harm to small investors than any other entity in recent
years.
One of the more explosive allegations Deaton brings to light involves
Gensler s undisclosed meetings with Sam Bankman-Fried, the former CEO of
the now-defunct crypto exchange FTX. Deaton refers to Bankman-Fried as
the Bernie Madoff of crypto, suggesting a deep-seated mistrust
of Gensler s intentions and actions.
As the person who literally sued the @SECGov on behalf of tens of thousands of
small investors, I can state with ð¯ conviction that @GaryGensler and the
SEC has caused more harm to investors than any other person or entity during
the last several years. What Gensler fails to… https://t.co/kv2EIMSOw4
— John E Deaton (@JohnEDeaton1) June 26, 2024
This revelation is particularly poignant given the backdrop of FTX s
collapse, which has left a trail of financial devastation for its users.
Deaton s accusations are part of a broader narrative that paints Gensler
and the SEC as out of touch with the realities of the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта and overly
punitive in their regulatory approach.
Ripple’s Legal Saga: A Glimmer Of Hope Amid Ongoing Battles
The legal battle between the SEC and Ripple Labs, the company behind XRP, has
been a focal point in the crypto world since it began in December 2020. The
SEC s lawsuit alleges that Ripple s sales of XRP constitute
unregistered securities transactions, a charge that Ripple has vehemently
denied.
XRP is now trading at $0.47. Chart: TradingView
In a significant development, federal judge Analisa Torres ruled in July 2023
that XRP sales on secondary markets do not qualify as security sales. This
partial victory for Ripple was met with cautious optimism by the XRP
community.
Ripple CEO Brad Garlinghouse recently hinted that he expects a final ruling by
September, expressing hope that the long-running case will conclude in
Ripple s favor.
Despite this optimistic outlook, the legal uncertainties continue to cast a
shadow over the future of XRP and its investors. The outcome of this case
could set a precedent for how other cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта are regulated in the US• Экономика » Финансы » Платежные средства » Доллар США.
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SEC Crackdown: The Wider Impact On The Crypto Market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
Beyond the Ripple case, the SEC has launched what many in the crypto community
view as a broad-based crackdown on cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта platforms and altcoins. The
SEC s stance is that most altcoins are unregistered securities, a
classification that brings with it significant regulatory and compliance
burdens.
Gensler has defended this aggressive approach by citing widespread
noncompliance within the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта industry. He argues that the
SEC s actions are necessary to protect investors and maintain market
integrity.
However, critics like Deaton argue that this approach is heavy-handed and
disproportionately harms small investors, who are often caught in the
crossfire of regulatory actions.
Featured image from CNBC, chart from TradingView