Pro-XRP lawyer John Deaton has called out the U.S. Government and the Securities and Exchange Commission (SEC) for their seemingly contradictory positions regarding Coinbase. Deaton’s remarks, as noted in a recent social media post, have ignited further debate within the crypto community, highlighting tensions between regulatory actions and crypto industry practices.
In addition, his comments have also drawn criticism toward prominent anti-crypto figures such as Senator Elizabeth Warren.
Pro-XRP Lawyer John Deaton Criticizes US Government & SEC Actions
John Deaton is a vocal advocate for Ripple’s native crypto XRP and a frequent critic of regulatory inconsistencies. In a recent X post, he recently expressed his frustration with the U.S. Government and the SEC’s handling of Coinbase.
Besides, Deaton took aim at SEC Chair Gary Gensler and Senator Elizabeth Warren, accusing them of contributing to an anti-crypto stance. On the other hand, he criticized the U.S. SEC’s stance on Coinbase and the U.S. Govt’s move to leverage the same crypto exchange for the latest transactions.
“This is the NONSENSE,” John Deaton wrote while commenting on the matter. He pointed out the contradiction in the government’s actions, stating, that SEC Chair Gary Gensler views Coinbase’s operation as “illegal”, and yet the U.S. Govt has sold Bitcoin to Americans using that exchange. For context, Deaton’s comments refer to a recent transaction where the U.S. Government sold 4,000 Bitcoin, valued at approximately $241.22 million, to Coinbase Prime.
Meanwhile, John Deaton’s criticism underscores a broader issue within the crypto community: the perceived disconnect between regulatory bodies’ official stances and their practical dealings with the crypto industry. His remarks suggest that the SEC’s regulatory actions against Coinbase are at odds with the government’s willingness to use the platform for significant transactions. It also raises questions about the consistency of the regulatory framework in the U.S.
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Elizabeth Warren’s Anti-Crypto Stance
In addition to his criticism of the SEC, John Deaton also targeted Senator Elizabeth Warren for her anti-crypto rhetoric. Warren has been a prominent voice advocating for stricter regulations on the crypto industry, aligning herself with an “anti-crypto army.”
However, Deaton accused her of prioritizing political maneuvers over addressing pressing economic issues within her constituency. “While Elizabeth Warren is worried about ‘Wisconsin Democrats,’ the cost of living in Massachusetts is 48% higher than the national average,” Deaton noted.
In another post, John Deaton criticized Senate Warren’s focus on political strategy over local economic challenges. He highlighted the significant disparity in housing, utilities, and basic necessities costs in Massachusetts, suggesting that Warren’s long-term focus on anti-crypto measures has overshadowed her attention to local economic conditions.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
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