XRP Lawyer Outlines Key Actions for New SEC Chair to Support Crypto Industry
John Deaton, a lawyer representing over 75,000 XRP holders in the ongoing Ripple vs. SEC case, has shared his strong opinions regarding Donald Trump’s nomination of Paul Atkins as the new SEC Chair.
Deaton laid out four critical actions he believes Atkins must take to effectively lead the agency and address concerns within the crypto community.
Deaton stressed that Atkins must act decisively to remove or demote certain individuals and eliminate the SEC’s crypto unit to demonstrate he’s the right choice for the role. He emphasized that failure to do so would undermine his credibility from the outset.
The four actions Deaton proposed for Atkins include:
- Removing the officials responsible for the mismanagement of the Debt Box case to restore credibility within the SEC.
- Demoting or firing individuals appointed by Gary Gensler, asserting that those selected by the previous SEC chair are not aligned with Atkins’ vision for the agency.
- Clearly defining the SEC’s jurisdiction to exclude decentralized finance (DeFi) and self-custody, which Deaton believes are outside the agency’s scope.
- Dissolving the SEC’s specialized crypto unit and consolidating efforts under a general fraud unit to better address all types of fraud.
READ MORE: FOMO and FUD Dominate Crypto Buying Decisions, Survey Finds
Deaton’s comments were in response to concerns raised by John Reed Stark, former SEC official, who revealed that Gensler had quietly promoted several key crypto-enforcement lawyers before leaving. Stark warned that these promotions could present challenges for Atkins, suggesting he would face significant resistance upon taking office.
Atkins’ nomination, however, has generated optimism in the crypto space due to his previous support for the industry during his tenure as an SEC commissioner. Many hope his leadership will bring a more balanced approach to regulation and enforcement.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
