As a seasoned researcher with a keen interest in the intersection of law and technology, I find John Deaton’s stance on the U.S. Securities and Exchange Commission (SEC) and its treatment of XRP investors particularly intriguing. My professional journey has taken me through various sectors, but it was my time as a Marine that instilled in me an unwavering commitment to fighting for those who may not have the resources or platform to do so themselves.
Massachusetts Republican Senate hopeful, John Deaton, has made clear his aim to scrutinize the U.S. Securities and Exchange Commission (SEC) over their part in the loss of approximately $15 billion for small XRP investors, due to their actions.
During an interview on the “Good Morning Crypto Show” on September 16, the attorney expressed his readiness to persist in his legal struggle against the SEC, aiming for the fair compensation that retail investors are entitled to.
XRP Investors Left Behind by SEC Actions
In the SEC’s legal action against Ripple Labs, Deaton, who acted as a friend of the court for over 75,000 XRP token holders, didn’t sugarcoat his comments about the financial damage inflicted by the agency’s tough litigation tactics against the crypto company.
He claimed that the SEC’s overreach and “misconduct” cost thousands of XRP holders as much as $15 billion when the coin’s value plummeted as a result of the lawsuit.
Additionally, he stated that his clients “reject the SEC’s apology” regarding their management of the case. This remark came as a reaction to the SEC’s explanation about their usage of the phrase “cryptocurrency security” in their legal actions against digital asset businesses.
In a footnote to its revised lawsuit against Binance, the Commission expressed regret over any misunderstanding that might have arisen due to their choice of terminology. Deaton labeled this as deliberate misbehavior and requested the dismissal of SEC officials who made those decisions.
The lawyer repeatedly contends that the actions taken by the Commission have negatively affected common investors. He proposes that the regulatory body should take responsibility for the financial harm inflicted on XRP owners due to their legal case.
He mentioned that he’s waiting for the outcome of an inquiry led by the Inspector General (IG), which might trigger additional legal steps to be taken on behalf of XRP investors, potentially leading to compensation for any damages they experienced.
A Senate Race with High Stakes
During his bid for the U.S. Senate, Deaton is portraying himself as an advocate for everyday people, emphasizing openness and responsibility in government institutions.
He says his criticisms of the SEC is a reflection of his broader view on regulatory overreach in the financial sector. Additionally, he believes the regulator’s handling of crypto is indicative of a system that prioritizes enforcement over protecting everyday investors.
In the job interview, the ex-Marine emphasized his intention to propose legislation that clearly defines the difference between commodities and securities within the cryptocurrency market. He believed this move would safeguard individual investors of digital assets from potential excessive regulation in the long run.
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2024-09-18 01:24