Regulation
Pro-XRP Lawyer John Deaton Endorses Paul Atkins as Potential SEC Chair
Pro-XRP lawyer John Deaton has endorsed Paul Atkins as a potential candidate to succeed the current U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. John Deaton, a leading voice for crypto regulation change, has accused the SEC under Gensler of abuse of power and impropriety, especially in the application of crypto laws. He called for an immediate change to address issues that would help the agency to be accountable and ethical.
John Deaton Calls for SEC Reforms, Supports Paul Atkins for Top Leadership Role
John Deaton has urged the SEC to change, saying that SEC has been oppressive to the crypto industry and startups under Gensler. He also claimed the SEC was using rather hostile measures and offered little guidance to firms operating in the crypto space. This has created a problem and hindered innovation in the industry..
As part of his recommendations for reform, the Pro-XRP lawyer endorsed Paul Atkins, a former SEC commissioner known for his pro-digital assets stance. Deaton expressed confidence that Atkins, if appointed, will steer the SEC toward a more balanced and transparent regulatory framework.
The Pro-XRP lawyer added,
“Paul Atkins is great and I’ll certainly welcome and support him if selected. He’s light years ahead of Gary Gensler – who’s, without question, the worst SEC Chair in modern history.”
This follows Donald Trump’s election victory and his pledge to fire Gary Gensler on his first day in office. Gensler will officially step down as SEC Chair on January 20, 2025, coinciding with Trump’s inauguration.
Accountability and Ethical Overhauls At the SEC
John Deaton has urged the next SEC chair to investigate alleged misconduct by agency staff and take decisive action against those involved in unethical practices. He criticized the SEC’s handling of regulatory decisions. Earlier on, Deaton questioned the close relationship between Gensler and Bankman-Fried, referencing private meetings and political contributions tied to FTX.
Deaton emphasized the need for new leadership to address these issues transparently, ensuring the SEC operates within ethical and legal boundaries. He suggested that the incoming chair should immediately implement changes to restore credibility, including terminating staff involved in past misconduct.
Deaton emphasized,
“Whoever’s the Chair, he/she goes into the SEC with a blow torch and chainsaw and fires anyone who participated in the gross overreach and misconduct during the last four years.”
According to reports, Paul Atkins is a leading contender to replace Gary Gensler, whose tenure as SEC Chair ends in January 2025. Atkins has previously advocated for reducing regulatory burdens and restructuring the SEC to improve efficiency. His approach aligns with calls from industry leaders for a more crypto-friendly regulatory environment.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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