XRP Lawyer John Deaton commented on a post highlighting Coinbase’s partial win against the U.S. Securities Exchange Commission(SEC) in the Third Circuit court. The lawyer criticized the outgoing SEC chair, stating that he was leaving the agency in disgrace.
He stated the SEC’s reputation was in shambles in US courtrooms and outside. The attorney added the regulatory body’s delay in providing clear guidelines on securities and cryptocurrencies had brought disrepute to the agency.
Deaton goes after Gensler after Coinbase’s partial win
Deaton expressed his optimism in the new SEC Chair, Paul Atkins, but warned that he would face challenges in his new role. The crypto community has reportedly expressed its belief that Atkins could provide a friendlier environment for digital assets, especially in the Trump istration.
“It would be nice to witness real reform at the SEC.” said the attorney.
The XRP lawyer also recommended the abolition of the accreditor investor rule. He highlighted that the rule was inconsistent with free market capitalism and oppressive in a society that hailed self-determination.
The SEC is said to classify traders as accredited investors based on their different income thresholds, which Deaton commented that he viewed as a discriminatory approach.
In a Coinbase vs. SEC suit, the US Third Circuit Court ordered the regulatory body to provide clear guidelines on crypto governance. The decision arose from Coinbase’s petition for the SEC to provide clear guidelines on crypto regulation.
The SEC declined this request, which guided the court in its ruling. The court held that rather than asking the SEC to outline proper procedures, it believed the agency should explain its decision not to and its position on crypto assets.
