SEC Prioritizes Corporate Capitalism Over Crypto Investors: Pro-XRP Lawyer31. July 2023
• Pro-XRP lawyer, John Deaton, has voiced his opinion that the SEC’s actions to regulate cryptocurrency are driven by a desire to protect corporate capitalism rather than prioritize investors.
• He believes that the unequal treatment of crypto and the SEC’s targeting of exchanges over fraud could potentially hinder innovation in the industry.
• Deaton further argues that opposing retail investors participating as amici curiae in the Ripple case suggests a reluctance to consider their views, potentially prioritizing larger financial institutions over individual investors.
Pro-XRP Lawyer Claims SEC Prioritizes Corporate Capitalism Over Investors
John Deaton, a pro-XRP lawyer, has claimed that the United States Securities and Exchange Commission (SEC) prioritizes corporate capitalism over investor protection when it comes to regulating cryptocurrency. Deaton believes this unequal treatment raises concerns about the effectiveness and fairness of its regulatory framework for digital assets.
Accredited Investor Rules Discriminate Against Working Class
Deaton noted that for years he had been arguing that America does not operate within a true capitalist system but rather one of corporate capitalism. He pointed to accredited investor rules which disproportionately benefit wealthy individuals while discriminating against those from lower socioeconomic backgrounds who cannot qualify as accredited investors.
SEC’s Actions May Hinder Crypto Innovation
The pro-XRP lawyer also highlighted his concern about how much attention and resources the SEC is allocating towards Section 5 cases instead of addressing crypto fraud or other issues within the space more directly. He suggested this approach may be preventing innovation from flourishing in the industry and hindering growth within it.
The Ripple Case & Retail Investor Participation
In addition, Deaton discussed how the SEC has opposed retail investor participation as amici curiae (friends of court) in the Ripple case which he believes indicates their reluctance to take into account retail investor opinions – possibly favoring larger financial institutions instead.
In conclusion, John Deaton has argued that there is an obvious double standard when it comes to cryptocurrency regulation and enforcement by the U.S securities regulator which may be putting individual investors at an unfair disadvantage compared to larger institutions with more access to resources and capital.