Pro-XRP Lawyer John Deaton Criticizes US SEC For Applying Outdated Laws

by

As a seasoned analyst with over two decades of experience in finance and technology, I can attest to the transformative potential of emerging technologies like blockchain, AI, and robotics. The US SEC’s reliance on 1930s laws to regulate these sectors is not only antiquated but also detrimental to their growth and development.

Lawyer John Deaton has taken issue with the U.S. Securities and Exchange Commission (SEC), arguing they’re using regulations from 1933 to oversee modern technologies such as blockchain, AI, and robotics. Deaton underscored the necessity for change, pointing out that the current legal system doesn’t cater to the instant access to information provided by the internet and rapid technological progress.

John Deaton Calls for Modernized US SEC Rules to Address Blockchain Technologies

In response to a recent interview with Michael Saylor, legal advocate John Deaton voiced worries about the outdated regulatory approach taken by the US SEC towards contemporary technologies, specifically XRP. Deaton pointed out that the current disclosure regulations, dating back almost a century, were primarily meant to address discrepancies in investment information during an era when technology such as the internet was nonexistent. He underscored the importance of these regulations being reevaluated in light of modern technological advancements.

Deaton emphasized the difficulties confronted by blockchain businesses because of outdated cryptocurrency laws. He proposed that the U.S. Securities and Exchange Commission (SEC) should instead focus on simple, clear guidelines to steer the industry, echoing the opinions of Michael Saylor.

“It’s so damn simple, Just don’t lie, cheat or steal.”

In simpler terms, as per John Deaton, today’s investors – both institutional and individual – have immediate access to data, making detailed disclosure regulations from 1933 less necessary due to advancements in real-time information availability.

Additionally, Deaton informed his audience on platform X that he will delve into the implications as Trump selects the upcoming SEC chairman at 3 PM EST today, on Crypto Law US.

Reformers To Modernize SEC’s Approach

John Deaton not only supported but also urged influential figures such as Brian Brooks to spearhead initiatives aimed at updating the existing regulatory structure. He voiced his criticism towards current and past authorities, claiming they often favor ambiguous rules that permit arbitrary application.

The Pro-XRP lawyer stated, 

Individuals such as Gary Gensler, Jay Clayton, and Bob Stebbins often lean towards keeping regulations and laws more GENERALLY DEFINED. It’s essential to have reform-minded regulators like Brian Brooks and Brad Bondi who advocate for clearer, specific guidelines.

Deaton’s comments underscored the importance of revising our current framework to include new technologies. He suggested implementing a more transparent and technology-friendly regulatory approach, which could foster the expansion of digital resources.

In a recent report,  the Pro-XRP lawyer publicly endorsed Brad Bondi as a suitable candidate to replace current Chair Gary Gensler, whose resignation has been speculated. Deaton pointed out that Bondi represents a more balanced and progressive approach to regulatory oversight. Deaton expressed skepticism over other contenders, such as Bob Stebbins. 

Furthermore, Brad Garlinghouse, CEO of Ripple, added his thoughts to the conversation, expressing worries about Bob Stebbins’ potential appointment. Garlinghouse criticized Stebbins for his involvement in previous regulatory decisions, specifically the Ripple lawsuit and the contentious categorization of Ethereum as a non-security. He argued that this classification overlooked other blockchain projects.

Garlinghouse urged for a more balanced regulatory stance, expressing concerns that appointing Stebbins might lead to persisting enforcement-centric policies. Sharing similar views with John Deaton, he championed for leadership that emphasizes transparency and clear guidelines in regulation, aiming to foster the growth of the blockchain sector.

Read More

2024-11-19 19:24