- Deaton plans to run against Senator Elizabeth Warren to push for fairer cryptocurrency regulations in the U.S.
- Industry leaders support Deaton’s campaign, believing he can help establish clearer, more supportive crypto regulations.
John Deaton, a lawyer known for his support of XRP, recently outlined differences in cryptocurrency regulations between Japan and the United States. Alongside entrepreneur Mark Cuban, Deaton emphasized that the U.S. could improve its regulatory framework to support the crypto industry more effectively.
Comparing the U.S. and Japan
Mark Cuban started the discussion on social media platform X, pointing out that Japan learned from the collapse of Mt. Gox and took steps to protect crypto investors. He noted that while platforms like FTX filed for bankruptcy in the U.S., Japanese versions remained stable and were able to operate. Reports indicate that FTX Japan successfully refunded creditors after selling off assets.
U.S. SEC’s Regulatory Strategy
Deaton criticized the U.S. Securities and Exchange Commission (SEC) for attempting to impose its rules on other countries. He noted that while the SEC classifies XRP as a security, Japan, Switzerland, Singapore, and the United Kingdom treat it differently.
This inconsistency reflects broader confusion in U.S. regulations, which became evident in Deaton’s role advocating for XRP’s classification during legal proceedings involving Judge Analisa Torres.
Efforts for Better Regulations
Deaton has decided to challenge Senator Elizabeth Warren for her Massachusetts Senate seat. Warren, a critic of cryptocurrencies, has often argued that they facilitate illegal activity. Deaton believes that better representation in Congress will result in clearer, more supportive rules for the crypto industry.
Industry leaders have rallied behind Deaton’s campaign, believing that his election could help establish fairer rules for the industry. His bid is part of broader efforts to develop regulations that recognize the growth potential of cryptocurrencies while also ensuring investor protection.
