**News Flash: SEC's Crypto Crackdown Costs Investors Billions**

A prominent pro-crypto attorney and Senate candidate, John Deaton, has criticized the SEC for its aggressive regulatory approach, claiming it has cost retail investors over $15 billion. Deaton, who recently won the Republican nomination for the US Senate in Massachusetts, argues that the SEC's "gross overreach" has harmed small investors.

In a surprising twist, the SEC has shifted its stance, now stating that cryptocurrencies themselves are not securities. This comes after years of maintaining the opposite, notably in the case against XRP.

Despite this shift, the SEC's enforcement actions have skyrocketed, with a 3,000% increase in penalties from 2023 to 2024, totaling nearly $4.7 billion. This surge includes a record $4.47-billion settlement with Terraform Labs.

Stay tuned for more updates as the crypto regulatory landscape continues to evolve.