Recently, experts highlighted his opinion that the Chairman of the Securities and Exchange Commission (SEC) regularly disturbs the market. As evidence, the investigation of digital asset companies by the United States (US) SEC has raised many question marks.
John Deaton, founder of CryptoLaw and lawyer for XRP holders in the 'SEC Vs Ripple' lawsuit has written an op-ed* about the reach of the watchdog.
* Tabloid newspaper clippings published by magazines in North America
According to him, when the crypto industry develops, many individuals will start entering the industry.
Nevertheless, he underlined that the incident between the Special Purpose Acquisition Company (SPAC) has further clouded the crypto market.
In fact, Deaton noted that SEC Chief Gary Gensler called the crypto market a "Wild West" investment because he believed the assets were being used for illegal activities, when in reality the majority of money laundering and fraud used USD dollars.
In addition, XRP lawyers describe that the SEC is an 'evil' entity that takes away individual rights, for example Gensler's actions that waver to hide the truth and only display the disclosure of environmental data.
The Commission chief has also provided limited input on its rulemaking, but it has increased environmental data disclosure (ESG) requirements.
He added that this action would allow the SEC to advance its social agenda as well as help it gain a broader role in the Biden administration.
As a result, Deaton's vehement contempt for the SEC Chairman's fight against crypto is an act of desecration of constitutional norms.
