John Deaton, a well-known advocate for the cryptocurrency XRP, has launched a scathing attack on Senator Elizabeth Warren and the Securities and Exchange Commission (SEC), accusing them of prioritizing political objectives over investor protection. Deaton specifically singled out SEC Chairman Gary Gensler for failing to safeguard private investors, resulting in significant financial losses.
Deaton’s criticism comes in response to recent Senate debates, during which Warren urged a vote against SAB 121. Deaton claims that he has done more to protect investors than Gensler, citing a favorable ruling by a Democratic judge nominated by former President Obama as evidence of his commitment to consumer protection.
For a considerable period of time, Deaton has been advocating for sensible regulations in the crypto space to shield investors from fraudulent individuals like Sam Bankman-Fried. He takes issue with the SEC’s failure to prevent highly publicized bankruptcies of companies such as FTX, Terra, and Celsius. Deaton argues that instead of focusing on dishonest actors, the SEC should target reputable companies like Ripple, Coinbase, Kraken, Uniswap, Dragonchain, LBRY, and MetaMask.
Deaton also raised allegations concerning Gensler’s interactions with SBF, suggesting that their specific details have not been made public. He believes that SBF’s substantial contributions to the current administration have granted them remarkable access to Gensler and other regulators, highlighting a deeper issue of mismanagement and regulatory failure.
Furthermore, Deaton points out the SEC’s inconsistent actions, such as expediting the Coinbase IPO only to sue the company later. According to Deaton, Warren is utilizing the SEC as a tool to advance her political agenda, which has severe financial consequences for investors.
Deaton previously criticized Warren for her letter to Treasury Secretary Janet Yellen, in which she expressed concerns about stablecoins being used by terrorist groups and rogue nations. Deaton argues that Warren’s focus on stablecoins detracts from more pressing local issues, suggesting a pattern of political goals superseding genuine investor protection. This critique aligns with Deaton’s broader concerns about Gensler’s regulatory approach at the SEC.
In terms of XRP prices, data from CoinMarketCap indicates that it is currently valued at approximately $0.5164, experiencing a slight decrease of 0.21% over the previous day. This represents a decline of 0.28% over the last seven days. However, recent whale activity reported in a CNF report caused XRP to surge by 3.47% in a single day, reaching $0.5168.
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