Pro-XRP Lawyer John Deaton Endorses Former CFTC Chair for SEC

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As a crypto investor with experience in the industry, I’m excited about John Deaton’s endorsement of Chris Giancarlo for the head of the SEC. Deaton’s perception that Giancarlo’s leadership will bring positive reform to the SEC is music to my ears, especially at a time when cryptocurrency regulations and digital assets management are critical issues.

As a crypto investor and follower of the XRP community, I’m excited about John Deaton’s public support for Chris Giancarlo’s nomination as the new SEC chairman. During a recent gathering, I had the opportunity to meet him in person and even got my copy of his book signed by both Giancarlo and his wife. Deaton’s endorsement adds credibility to the belief that someone with a deep understanding of commodities and financial markets would be beneficial for the crypto regulatory landscape.

Deaton endorses Giancarlo’s leadership due to his belief that it will lead to constructive changes in the SEC, especially during a critical period when the regulatory body needs to address significant issues related to cryptocurrency guidelines and the management of digital assets.

Former CFTC Chair Crypto-Friendly Outlook

Chris Giancarlo, often referred to as “Crypto Dad” within the cryptocurrency circle, has championed groundbreaking financial innovations during his tenure at the Commodity Futures Trading Commission (CFTC).

During his tenure, the ex-chairman of the Commodity Futures Trading Commission advocated for a “do no harm” approach that prioritized innovation while maintaining investor safeguards. His latest role on Paxos’ board underscores his unwavering commitment to advancing regulated digital asset markets.

A few weeks ago, I had the pleasure of encountering GiancarloMKTS, the ex-Chairman of the Commodity Futures Trading Commission (CFTC). It was a privilege to autograph my book for him and his remarkable spouse. I was surprised to discover that Chris is an excellent bass guitar player. We desperately need him back in government – preferably as the new Chair of the Securities and Exchange Commission (SEC).

— John E Deaton (@JohnEDeaton1) May 20, 2024

As a market analyst focusing on regulated cryptocurrencies, I can affirm that Paxos is a well-recognized player in this domain. The company has gained significant prominence through its offerings such as the US dollar-pegged stablecoin, known as USDP. Furthermore, esteemed partnerships with industry giants like PayPal have further solidified Paxos’ position within the crypto ecosystem.

SEC Crypto Regulatory Turbulence 

Under Gary Gensler’s leadership as chairman, the Securities and Exchange Commission (SEC) has faced criticism for its stringent approach towards cryptocurrencies, specifically with regards to the enforcement of Staff Accounting Bulletin (SAB) 121. This directive requires companies handling crypto assets to report customer holdings as liabilities on their balance sheets, sparking debate within both the financial and crypto industries.

Despite this, the United States Senate passed a resolution to annul SAB 121, which expressed displeasure with Gensler’s regulatory measures. This action represents bipartisan dissent towards perceived excessive regulations.

An additional development in the regulatory sphere is the ongoing debate in legislative bodies regarding cryptocurrency, specifically with the introduction of the Financial Innovation and Technology for the 21st Century Act (FIT 21). The purpose of this bill is to establish more definitive frameworks for digital assets, thereby clarifying the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The FIT 21 proposal gathers broad approval, as indicated by over 60 cryptocurrency entities voicing their agreement on the need for clear, equitable, and transparent regulatory frameworks within the industry.

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2024-05-20 18:40