Pro-XRP Deaton Unveils Initial Senate Bills, Agrees With Musk On “Regulatory Capture”

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As a researcher with a background in law and a keen interest in the crypto industry, I find John E Deaton’s recent statements on XRP and regulatory capture within the U.S. SEC particularly intriguing. Deaton’s relentless efforts to expose unethical practices within the SEC, as evidenced by his pro bono work on cases such as Ripple Labs (XRP) and Coinbase, are commendable.

As a crypto investor following the developments in the XRP community, I’ve noticed that John E Deaton’s recent updates on XRP have generated quite a buzz. On July 9th, Deaton shared his intentions regarding initial Senate Bills on his XRP-dedicated account. He emphasized the importance of addressing regulatory capture within the U.S. Securities and Exchange Commission (SEC).

Deaton’s views, in harmony with Elon Musk’s perspectives, highlighted a mutual worry about the present situation. Regulators effortlessly moving between roles in the same industry has raised concerns for both Deaton and Musk. The lawyer advocating for XRP has made headline-grabbing comments regarding this issue, following his public clash with Democratic U.S. Senator Elizabeth Warren.

Deaton’s Initial Senate Bills

In his blog post, Deaton described his relentless crusade against regulatory capture within the U.S. Securities and Exchange Commission (SEC). Notably, a lawyer advocating for XRP brings attention to Deaton’s pro bono representation of thousands in legal disputes related to this issue. These conflicts include lawsuits against Ripple Labs, also known as the XRP lawsuit, Coinbase, and others.

Since the beginning of this year, my ongoing legal battles have unfortunately failed to bring me any financial gain, despite my efforts to promote ethical regulatory efficiency. However, I remain committed and announced that my upcoming Senate Bill will focus on implementing term limits for congressional representatives.

Additionally, a second legislation is proposed, which mandates a 3-5 year restriction for regulators – including ex-FDA chairs – from engaging in the same industry they previously oversaw. Hence, an individual who has served as the FDA Chairman would be prohibited from joining Pfizer’s Board.

Just as Musk expressed concerns about it, one cannot simply transition from working for the SEC to joining a hedge fund. Deaton further emphasized this by declaring his intention to permanently seal the “revolving doors” between federal agencies and businesses. These remarks have garnered widespread attention during the current election period.

Coinbase & XRP’s Legal Tussles With SEC

Currently, the XRP legal case seems to be leaning in favor of Ripple Labs based on recent filings of a supplemental authority notice against the SEC. Nonetheless, the XRP community remains anxious for a definitive resolution as the deadline of July 31 approaches.

Additionally, in recent legal advancements, Coinbase contested the SEC’s effort to restrict access to Chair Gary Gensler’s correspondence, a crucial piece of evidence for their ongoing lawsuit.

The crypto industry as a whole is pushing back against the Securities and Exchange Commission (SEC) following recent regulatory actions.

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2024-07-09 18:28