Attorney John Deaton’s Strategic Recommendations for SEC Leadership
John Deaton, the legal advocate for over 75,000 XRP investors in the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC), has made his position clear regarding the nomination of Paul Atkins by President-elect Donald Trump as the new SEC Chairman. Deaton has taken to social media to articulate four crucial actions Atkins should prioritize upon his appointment.
Essential Steps for Paul Atkins: Insights from Pro-XRP Attorney Deaton
Deaton has emphatically stated, “If Paul Atkins does not take decisive action against certain individuals and dismantle the existing crypto unit, then he is not the right person for the job. Period!” Here are the specific steps Deaton believes are necessary for Atkins to undertake:
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1. Accountability in the Debt Box Case
Deaton insists on the termination of those accountable for the mishandling of the Debt Box case. This measure is vital for reinstating the SEC’s credibility and ensuring accountability within the agency. He advocates for the dismissal of all involved in the “Debt Box fiasco.”
2. Re-evaluation of Leadership Appointments
The attorney urges Atkins to reconsider the current leadership, particularly those appointed by Gary Gensler. Deaton suggests that a fresh team, aligned with Atkins’ vision and that of President Trump for making the U.S. the “Crypto Capital of the World,” is necessary.
3. Clarification on DeFi and Self-Custody
Deaton calls for a clear declaration that decentralized finance (DeFi) and self-custody are not under SEC jurisdiction. This step is crucial for curbing regulatory overreach and encouraging innovation within the DeFi sector.
4. Dissolution of the Specialized Crypto Unit
According to Deaton, the SEC’s specialized crypto unit is redundant and should be dismantled. He suggests a more comprehensive fraud unit capable of addressing various fraud cases to ensure more effective enforcement.
Deaton’s comments were in response to statements made by John Reed Stark, a former Chief of the SEC’s Office of Internet Enforcement and President of John Reed Stark Consulting LLC. Stark highlighted that outgoing SEC Chair Gary Gensler has been “quietly working behind the scenes,” promoting three senior crypto-enforcement lawyers to executive roles within the SEC’s Trial and Crypto Units. These developments were not publicly announced by the SEC, which Stark finds unprecedented.
Stark warned Atkins to brace for substantial challenges, noting, “Prepare for intense opposition from day one, Chair Atkins, as these three crypto-enforcement lawyers are some of the best in the field and will not easily concede.”
He further cautioned the crypto sector, “The SEC remains vigilant, so underestimate it at your peril, Big Crypto.”
The nomination of Paul Atkins, previously an SEC commissioner known for his supportive stance towards cryptocurrency, has been met with enthusiasm in the digital currency community. His potential leadership marks a possible shift from the agency’s stringent enforcement approach. This development comes after Trump’s announcement on Wednesday regarding Atkins’ nomination.
As of the latest update, XRP is trading at $2.37.
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