- Attorney and CryptoLaw founder John Deaton has accused the SEC of making claims without merit and overstepping in lawsuits filed against US-based firms.
- The recent ruling in favor of BinanceUS in its $1.3 billion purchase of Voyager assets was a victory for the crypto industry against the SEC’s “anti-crypto” agenda, according to Deaton.
John Deaton, a vocal Ripple supporter, has recently criticized the US Securities and Exchange Commission (SEC) for its treatment of US-based crypto firms. Deaton pointed to several cases, including the Ripple case, the LBRY case, and the Grayscale SEC hearing, to support his claims that the SEC has been unjust in its treatment of crypto firms.
Deaton cited the Ripple case as an example of the SEC’s biased treatment of crypto firms. He referenced the written ruling that critiqued the SEC’s credibility and highlighted the SEC’s biases. In another tweet, Deaton wrote, “In Ripple, the judge said SEC lawyers are more interested in advancing their own agenda than adhering to the law. Think about how significant that is. How do SEC lawyers enforce the law if they don’t themselves honor the law? As a former federal prosecutor, I’d be ashamed.”
Deaton also pointed to the LBRY case, where the judge appealed to the SEC to provide clarity to LBRY users and the broader market. He acknowledged that the last two hearings in the LBRY case revealed that the judge appealed to the SEC to provide clarity to LBRY users and the broader market.
Regarding the Grayscale vs SEC hearing, Deaton acknowledged that the judges were troubled by the arguments presented by the SEC. He argued that the SEC’s denial of a spot Bitcoin ETF while permitting futures and shorts Bitcoin ETFs was arbitrary and capricious under the law. According to Deaton, “The 4 examples above demonstrate that just because a regulator like Gary Gensler says something it doesn’t make it so. When Clayton was Chairman, the SEC declared Bitcoin and ETH non-securities. Hinman’s speech stating ETH isn’t a security is still on the SEC website.”
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Deaton concluded that unless Congress takes action, the only way for crypto firms and cryptocurrencies to achieve more success is if judges continue to scrutinize the SEC. He added that in response to his Writ of Mandamus, the SEC agreed that it does not have the final say on what is or isn’t a security; the judge does. Deaton said, “The court keeps the SEC in check. Gensler will not remain SEC chairman forever.”
In conclusion, John Deaton has accused the SEC of making claims without merit and overreaching in lawsuits filed against US-based crypto firms. Deaton pointed to several cases, including the Ripple case, the LBRY case, and the Grayscale SEC hearing, to support his claims that the SEC has been unjust in its treatment of crypto firms.
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