Pro-XRP lawyer claims SEC prioritizes corporate capitalism over investors
Pro-XRP lawyer, John E. Deaton, has said that the actions taken by the Securities and Exchange Commission (SEC) against the crypto industry are driven by a broader motive to safeguard corporate capitalism rather than prioritizing the protection of investors.
Deaton highlighted what he views as an assault on cryptocurrencies, particularly in relation to the SEC's actions targeting Coinbase and Ripple. In his remarks, he touched on several aspects, such as the accredited investor rules, the SEC's approach to regulating cryptocurrencies and its position concerning retail investors in the Ripple case.
On X, Deaton expresses his conviction that the United States operates within a framework of corporate capitalism rather than a genuine capitalist system. To bolster his argument, he highlights various facets of the present financial landscape.
For years I’ve said we don’t exist in a true capitalist system. We have corporate capitalism in the U.S. Look at the accredited investor rules and how they discriminate against the working class. Look at the attack on Crypto and the attack on Coinbase which allows non-accredited… https://t.co/JVis3xw30f
As per the legal expert's analysis, the SEC's allocation of limited resources towards Section 5 cases and its focus on targeting the secondary market on exchanges, instead of addressing fraud within the crypto space, indicates a misplacement of priorities. He contends that this approach could potentially hinder innovation and impede the growth of the developing cryptocurrency industry.
Additionally, Deaton highlights the SEC's opposition to retail investors participating as amici curiae (friends of the court) in the Ripple case. With this stance, Deaton suggests a reluctance to consider the
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