As a seasoned researcher with a keen interest in blockchain technology and its regulatory landscape, I find John Deaton’s recent call for reform at the SEC under Paul Atkins’ leadership both compelling and timely. His experiences as a pro-XRP lawyer, coupled with his critical perspective on the current state of crypto regulation under Gary Gensler, provide valuable insights into the challenges facing the industry.
John Deaton, an attorney advocating for XRP, has proposed four main adjustments he believes the new U.S. Securities and Exchange Commission (SEC) Chair, Paul Atkins, should implement to enhance cryptocurrency regulation. As a critic of the SEC under Gary Gensler’s leadership, Deaton emphasized the need for increased transparency in the agency’s dealings with the crypto sector.
John Deaton Urges Immediate Reforms at SEC, Calls for Action from Paul Atkins
In a recent article about X, John Deaton stressed the immediate importance of change at the Securities and Exchange Commission (SEC), particularly under the tenure of Paul Atkins. Deaton urged Atkins to take swift action from day one, initiating with the dismissal of those responsible for the Debt Box controversy.
Deaton emphasized the importance of dismissing officials involved in wrongdoing during Gensler’s tenure, stating that if Atkins fails to promptly swap out some SEC employees, it might suggest he is unsuitable for the position.
The Pro-XRP lawyer stated,
As an analyst, I would rephrase it as follows: “Should Paul Atkins choose to maintain or promote certain team members within the cryptocurrency department without making significant structural changes or disbanding the unit altogether, I believe he may not be the ideal fit for the role.
Deaton emphasized the significance of restructuring the Securities and Exchange Commission’s (SEC) leadership to be more in line with a pro-cryptocurrency stance. He suggested that Paul Atkins should not automatically take on the roles filled by Gensler, instead advocating for a new perspective to be brought into play.
This involves selecting people capable of cultivating a fair regulatory climate that promotes creativity and safeguards investors. Deaton’s remarks indicate a general call for new leadership within the agency, especially following Gensler’s term.
Previously, the XRP attorney had voiced approval for the appointment of Paul Atkins as the new SEC Chairman, commending his pro-cryptocurrency viewpoint and dedication to lightening regulatory constraints. Deaton highlighted that Atkins’ tenure would bring back balance and transparency to the SEC.
Crypto Unit Dissolution Proposal
In his plea for change, John Deaton proposed that the Securities and Exchange Commission (SEC) should dismantle its dedicated crypto division. He contended that having a distinct crypto unit was superfluous, suggesting instead a unified fraud unit to handle all types of fraud. Deaton highlighted that this adjustment would improve regulatory efficiency and curb potential overstepping by the agency.
Deaton proposed that Paul Atkins clearly state on day one that Decentralized Finance (DeFi) and individual custody of assets should not come under the purview of the Securities and Exchange Commission (SEC).
Furthermore, Brad Garlinghouse, Ripple‘s CEO, publicly endorsed the new chair of the US Securities and Exchange Commission (SEC). Similar to John Deaton, Garlinghouse advocated for more transparent guidelines and a friendlier approach towards the cryptocurrency sector.
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2024-12-05 02:25