In a fiery Twitter exchange, prominent pro-XRP lawyer John Deaton has unleashed scathing criticism against the U.S. Securities and Exchange Commission (SEC), accusing the regulatory body of prioritizing corporate capitalism over the interests of investors in the crypto industry.
Deaton’s response was triggered by a tweet from former Texas Congressman Ron Paul, who highlighted that America’s economic landscape is marred by a “crony corporatist system” rather than a true free market. Deaton echoed Paul’s sentiment, asserting that the U.S. operates under corporate capitalism, evident in biased accredited investor rules that discriminate against the working class.
SEC’s Controversial Stance On Retail Investors In Ripple’s XRP Case
Focusing on the SEC’s actions, Deaton criticized the agency’s alleged failure to tackle fraud in the crypto sector, opting instead to target secondary market exchanges. He pointed out the SEC’s opposition to retail investors being heard in the Ripple case, suggesting a lack of concern for ordinary investors.
The pro-XRP lawyer further criticized the government’s bailouts of major institutions like car companies and banks, while small businesses are left to face the consequences of their own decisions.
Deaton passionately defended the essence of cryptocurrency, highlighting how it democratized access to free markets, removing intermediaries like banks and remittance companies. He pointed to a small New Hampshire-based company, LBRY, as a prime example of how crypto offered a viable alternative to YouTube’s censorship-prone platform.
The attorney expressed frustration at SEC Chairman Gary Gensler’s refusal to meet with Brian Armstrong, CEO of Coinbase, the largest crypto exchange in the U.S., despite the company’s efforts to comply with regulations. In contrast, Gensler reportedly held multiple meetings with SBF, the founder of offshore exchange FTX, which was allegedly engaged in fraudulent activities.
Deaton’s conclusion expressed a longing for a genuine capitalist system in the country. However, he emphasized the importance of implementing term limits and dismantling the two-party system to bring about significant and impactful change.
The pro-XRP attorney’s passionate and unfiltered remarks have ignited discussions on social media, with some rallying behind his critique of corporate capitalism and the perceived bias against the crypto industry. Meanwhile, others argue that government intervention remains essential to safeguard investors and maintain economic stability.
However, his words act as a constant reminder of the intricate interplay among regulatory bodies, investors, and the ideals of an authentic free market. Only time holds the answer to how these dynamics will shape the future of cryptocurrencies and their position within the broader financial ecosystem.
Related Reading | The Hidden Tax Risks Of Using Ripple’s XRP For Cross-Border Payments