John Deaton, a well-known advocate for XRP, has launched a scathing attack on Senator Elizabeth Warren and the SEC, accusing them of prioritizing political goals over the protection of investors. Deaton specifically targets SEC Chairman Gary Gensler, claiming that his failure to safeguard private investors has resulted in significant financial losses.
Deaton’s criticism comes in response to recent Senate debates, during which Warren called for a vote against SAB 121. Deaton argues that he has done more to protect investors than Gensler, citing a favorable ruling by a Democratic judge appointed by former President Obama as evidence of his commitment to consumer protection.
Deaton has long been a proponent of sensible cryptocurrency regulations aimed at shielding investors from fraudulent individuals like Sam Bankman-Fried. He takes issue with the SEC’s inability to prevent high-profile bankruptcies, such as FTX, Terra, and Celsius, arguing that the agency should focus its efforts on reputable companies like Ripple, Coinbase, Kraken, Uniswap, Dragonchain, LBRY, and MetaMask, rather than ignoring dishonest players.
Turning his attention to Gensler and allegations surrounding his interactions with SBF, Deaton claims that the SEC Chairman has held undisclosed meetings with SBF, facilitated by the large contributions made by SBF to the current administration. Deaton believes that this reveals a more significant problem of mismanagement and regulatory failure.
Deaton also highlights the SEC’s regulatory inconsistency, pointing out that the agency expedited the Coinbase IPO only to sue them later. According to Deaton, Warren is utilizing the SEC as a tool to advance her political agenda, which is detrimental to investors.
In previous discussions, Deaton criticized Warren’s letter to Treasury Secretary Janet Yellen, in which she raised concerns about stablecoins and their potential use by terrorist groups and rogue nations. Deaton believes that Warren has misplaced priorities, as Massachusetts is currently grappling with issues such as illegal immigration, deficit spending, income inequality, inflation, opioid addiction, higher taxes, and capital flight. He argues that Warren’s focus on stablecoins detracts from more pressing local problems and underscores the tendency for political goals to overshadow genuine investor protection. This critique aligns with Deaton’s broader concerns about Gensler’s regulatory approach at the SEC.
In terms of XRP price movements, data from CoinMarketCap shows that it is currently valued at approximately $0.5164, experiencing a slight decrease of 0.21% over the previous day. It has also fallen by 0.28% over the last seven days. However, recent whale activity, as reported in yesterday’s CNF report, caused XRP to surge by 3.47% in a single day, reaching $0.5168.
Overall, John Deaton’s criticisms of Elizabeth Warren and the SEC highlight his belief that their actions prioritize political agendas over investor protection, while also expressing concerns about regulatory inconsistencies and the potential mismanagement of regulatory processes.