SEC crypto ‘overreach’ cost small investors $15B: John Deaton #SECCryptoRule
According to a popular pro-crypto attorney and Senate candidate, the SEC's overreach into the crypto industry has cost retail investors over $15 billion in losses. #BillionaireMindset
According to a prominent pro-crypto attorney and Senate candidate, the Securities and Exchange Commission’s (SEC) excessive intervention in the cryptocurrency industry has resulted in retail investors losing over $15 billion.
The US securities regulator has often been criticized for its enforcement-heavy regulatory regime over the cryptocurrency industry.
The SEC should be held accountable for its actions, as its “gross overreach” cost investors $15 billion, according to John Deaton, lawyer and Republican US Senate candidate.
The pro-XRP lawyer wrote in a Sept. #XRPGoal
“The SEC’s misconduct and gross overreach caused small investors over $15 billion. On behalf of those 75K small investors I represented, we do not accept the SEC’s apology.”
Deaton added that he intends to hold the SEC accountable for its regulatory actions since Senator Elizabeth Warren “won’t do it.”
Deaton’s statement comes two weeks after the pro-XRP lawyer won the nomination for the US Senate in the Massachusetts primary election and is set to face off against Democratic Senator Elizabeth Warren in November.
SEC no longer views cryptocurrencies as securities: Court filing
In a drastic shift, the SEC is seemingly backing down from its previous stance that cryptocurrencies are securities.
The SEC clarified that cryptocurrencies themselves are not viewed as securities, according to a court filing shared by Coinbase’s chief legal officer, Paul Grewal, in a Sept. 13 X post.
The SEC wrote in its amended complaint against Binance in the court filing:
“The SEC regrets any confusion it may have invited" by falsely and repeatedly stating that tokens themselves are securities. #SecuritiesLaws