Urging the immediate resignation of SEC Chairman Gary Gensler, pro-XRP attorney John Deaton criticizes the SEC’s regulatory approach, citing ongoing legal battles and growing dissatisfaction within the crypto industry.
Criticism of Gensler’s Strategy
Deaton condemns the SEC’s actions against Ripple, LBRY, and Coinbase, highlighting the aggressive pursuit of Ripple executives as detrimental to the industry. He argues that under Gensler’s leadership, the SEC’s regulatory methods have been excessive and damaging to the digital asset sector.
Deaton has participated in these cases as amicus curiae, emphasizing that the SEC’s enforcement tactics have had a negative impact on industry development.
The SEC’s stringent enforcement of securities regulations in the digital asset market has triggered numerous legal disputes, influencing cryptocurrency market regulations significantly.
Recent fines imposed on the SEC for misleading conduct in cases like Debt Box have drawn attention to the regulator’s enforcement practices, which critics view as overly aggressive and financially harmful.
Call for Change in SEC Leadership
Deaton criticizes the SEC’s approach in the LBRY case, alleging that the SEC aimed to financially burden LBRY with legal fees. This revelation has sparked outrage, reflecting a pattern of actions suppressing innovation and pressuring crypto firms.
Deaton not only calls for Gensler’s resignation but also suggests Chris Giancarlo, former CFTC Chairman, as a suitable successor due to his more innovation-friendly regulatory approach.
The debate over digital asset regulation intensifies as critics advocate for a shift in SEC leadership to create a more favorable environment for crypto market growth.
Featured image from Pexels, chart from TradingView
