Pro-XRP lawyer John Deaton has caused an uproar in the crypto space by demanding the resignation of SEC Chairman Gary Gensler. Deaton’s demand follows a continuous court case and increasing pressure concerning the SEC’s approach to cryptocurrency regulation.
He accuses the SEC, under Gensler’s leadership, of striving to sabotage him and prominent figures in the crypto space through acts of bad faith and incessant harassment, including targeting Ripple’s management comprising, among others, Brad Garlinghouse and Chris Larsen.
His main issues involve the SEC’s application of securities laws in the crypto space. The SEC has taken several enforcement actions concerning digital assets, stating that some of them are classified as securities and hence are under the SEC’s purview.
Deaton has labeled the SEC’s recent regulatory approach as unpredictable and excessively aggressive to the extent that it could detract from growth and development in the new digital asset sector.
However, he does not stop at Gensler’s leadership; instead, Deaton directly appeals to Senators Elizabeth Warren and Sherrod Brown, demanding that they take action and hold the SEC accountable.
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