John Deaton Challenges Kamala Harris on Crypto Stance
In a significant development in the crypto world, John Deaton, a pro-XRP lawyer and Republican senatorial candidate, has publicly called on Democratic presidential candidate Kamala Harris to demonstrate her commitment to the crypto industry by promising the resignation of Gary Gensler, the current SEC Chair. This request comes amid broader demands from the crypto community for Harris to clarify her recent shift towards supporting Bitcoin and other digital assets.
Deaton's Criticism of Gary Gensler
Deaton has voiced strong criticism of Gensler, arguing that his tenure at the SEC has been detrimental to individual investors. He claims that Gensler's approach to regulation by enforcement has driven investors and customers to offshore companies like FTX. Furthermore, Deaton highlights Gensler's multiple meetings with Sam Bankman-Fried and the SEC's refusal to disclose any related notes, emails, or correspondence as points of concern.
Potential Impact on the Crypto Community
Deaton believes that Harris asking for Gensler’s resignation would be a significant positive move for the XRP community and the broader crypto industry. He suggests that such a demonstration of good faith could mark a turning point in crypto regulation history. This sentiment is echoed by other influential figures in the financial world, including Skybridge Capital founder Anthony Scaramucci and Fox Business senior correspondent Charles Gasparino, who speculate on whether a Harris administration would sever ties with Senator Elizabeth Warren, a known crypto skeptic.
Harris and Judge Torres
In his continued advocacy, Deaton also references his pro bono lawsuit against the U.S. SEC, representing 75,000 XRP holders. He argued against what he considers the SEC's overreach and misapplication of securities laws, which he claims have harmed retail investors. Judge Torres, a lifelong Democrat appointed by President Obama, ruled in favor of Deaton's arguments, criticizing the SEC for acting "arbitrary and capricious" and even sanctioning the agency for dishonest conduct in the Debt Box case.
Deaton urges Harris to consult Judge Torres, a fellow Democrat, to gain insight into the SEC’s problematic actions under Gensler's leadership. He believes this would help Harris make an informed decision about Gensler's future and demonstrate her genuine support for the crypto industry.
Market Reaction
Amidst these developments, XRP has seen a slight increase of over 1% in the past 24 hours, with the price currently trading at $0.608. However, trading volume has decreased slightly during the same period, indicating cautious market sentiment.
In summary, Deaton's call for Kamala Harris to seek Gary Gensler's resignation underscores a pivotal moment in the ongoing discourse around crypto regulation. Whether Harris will respond to this challenge remains to be seen, but the implications for the crypto market could be significant.
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