Pro-XRP Lawyer Deaton Issues 4 Must-Do Actions For New SEC Chair Atkins

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As a seasoned researcher with extensive experience in the crypto space and a keen interest in regulatory matters, I find John Deaton’s stance on the potential appointment of Paul Atkins as the new SEC Chair intriguing. His four-point plan for Atkins suggests a clear desire to address perceived mismanagement within the SEC, particularly in the realm of cryptocurrencies.

John Deaton, an attorney representing more than 75,000 XRP holders in the Ripple vs. SEC legal battle, has expressed firm views on Donald Trump’s choice of Paul Atkins as the new head of the U.S. Securities and Exchange Commission (SEC). Deaton, using the platform X to express his thoughts, outlined four essential steps he thinks Atkins should take right away when he takes office.

If Paul Atkins fails to dismiss or significantly restructure, specifically the cryptocurrency team, he may not be the suitable choice, full stop. This is according to Deaton’s declaration.

Pro-XRP Lawyer Deaton’s Four Must-Do Actions For Atkins

Initially, Deaton firmly advocates for the removal of anyone implicated in the Debt Box incident from their roles, as this action is necessary to reestablish trust and responsibility within the Securities and Exchange Commission (SEC). In simpler terms, he suggests that those involved in the Debt Box scandal should be dismissed from their positions.

Next, the lawyer advises Atkins to consider dismissing or reassigning people who are currently in leadership positions under Gensler’s appointment. Deaton strongly suggests that Atkins should not keep employees chosen by a regulator like Gary Gensler, who is perceived as acting in bad faith. Instead, he encourages Atkins to assemble a new team that supports Atkins’ vision and, indirectly, “Donald Trump’s vision of the Crypto Capital of the World.

Thirdly, Deaton encourages Atkins to clarify that Decentralized Finance (DeFi) and self-custody are not subject to the Securities and Exchange Commission’s (SEC) authority. This is intended to prevent excessive regulation and promote the growth of innovation in the field of decentralized finance.

Instead, he proposes that the specialized crypto team within the SEC is redundant and ought to be disbanded. In his opinion, a unified fraud unit responsible for handling various types of fraud cases would be more effective, fostering a more holistic approach to enforcement.

Deaton’s post was a reaction to comments made by John Reed Stark, head of John Reed Stark Consulting LLC and previously Chief of the SEC’s Office of Internet Enforcement. In his remarks, Stark pointed out that former SEC Chair Gary Gensler has been exerting influence from beyond the grave, so to speak. He explained that Gensler recently moved three prominent lawyers specializing in crypto-enforcement into senior roles within the SEC, specifically in the Trial Unit and the Crypto Unit.

It’s intriguing to note that the SEC has yet to announce these promotions publicly, choosing instead to keep them confidential (which is unusual). However, it appears that these well-earned promotions have already been finalized, as stated by Stark. He cautioned Chair Atkins to brace for intense challenges: “Chair Atkins, be prepared for a full-blown World War III on day one, as these three crypto-enforcement attorneys, now in charge, are highly skilled professionals who won’t back down easily.

Stark issued a warning to the cryptocurrency sector: “Neglect this at your own risk, Big Crypto, as the Securities and Exchange Commission is far from surrendering.

Significantly, the selection of Paul Atkins, a previous SEC commissioner who is well-known for his supportive views towards the crypto sector, has sparked hope among many in the digital assets community. His nomination suggests a possible move away from an enforcement-focused strategy. Previously, it was announced on Wednesday that President Trump intends to appoint Paul Atkins as the head of the agency.

At press time, XRP traded at $2.37.

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2024-12-06 01:11