Pro-XRP lawyer John Deaton has once again called out Senator Elizabeth Warren and Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC). Senator Warren and Gary Gensler are arguably the biggest public officials that John Deaton takes on the most for several reasons. He is always blaming the duo for the unfair regulatory war waged on crypto. However, the lawyer foresees freedom for the indutry moving on.
John Deaton and the Change In American Crypto Landscape
One of the first engagements of Deaton in the industry hinges on representing XRP holders’ in the US SEC versus Ripple lawsuit. However, his advocacy role has shifted considerably in the past few weeks. In the last election, He lost the Massachusetts Senatorial seat to Elizabeth Warren, despite Donald Trump’s victory.
Moving on from the loss, John Deaton has spotted the biggest beneficiary of the elections – the American crypto investors. He claimed that one thing the industry has clamored for since is regulatory clarity. Rather, Elizabeth Warren and Gary Gensler gave the industry the opposite.
The crypto lawyer said that for 5 years, he has heard many American enterpreneurs claim they cannot offer crypto products to Americans. Many who attempt to do this risked getting flagged in expensive lawsuit by the markets regulator. At least over the past year, the regulator has issued Wells Notices to firms like OpenSea, Uniswap and Robinhood.
This regulation by enforcement action has pushed many businesses overseas. Notably, with Donald Trump set to officially take over in January, John Deaton believes all this will end.
Bitcoin Rally And American Economic Boom
It is worth noting that the comment from John Deaton came as a response to a post from Gemini co-founder Tyler Winklevoss. With Bitcoin price soaring above $85,000, the Gemini CEO said the market is now getting a glimpse of how toxic Gary Gensler and Elizabeth Warren’s behaviors were to the industry.
The one thing this industry needed most was regulatory clarity. Instead, @ewarren & @GaryGensler gave us the opposite. For 5 years I’ve heard entrepreneurs say we just won’t offer it to American investors, forcing everything overseas. That now ends. https://t.co/BRwMWUuinf
— John E Deaton (@JohnEDeaton1) November 11, 2024
He noted that with the incoming administration, the broader market should prepare for a “supersonic American economic boom.”
While many agree with the position that the economy will grow, critics like Peter Schiff has watered down Bitcoin Reserve conversations in the market. He believes this plan will not materialize as it can ruin the US dollar. As of writing, Bitcoin price was changing hands for $86,743.43, up 6.52% in 24 hours.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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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