John Deaton believes unclear crypto rules are stopping innovation in the industry.
He urges Congress to update outdated laws to handle new technologies better.
Deaton thinks vague rules harm small businesses and benefit the rich.
John Deaton, a Senate candidate and lawyer, claims that Senator Elizabeth Warren and SEC Chair Gary Gensler are intentionally keeping cryptocurrency regulations unclear. He believes that emails from the SEC’s Ripple case show officials preferred not to clarify the rules to maintain control. Deaton says this lack of clarity harms the industry, especially platforms like Ethereum.
https://twitter.com/AbsGMCrypto/status/1838361816176452052?t=K87BBgXawJT6VqQdc2K8rQ&s=19
This accusation comes at a time when the U.S. is increasing its focus on electronic currency regulation. Hence, questions about balancing innovation and control are becoming more pressing.
Deaton’s Opposition to Unrealized Gains Taxation
The senator also strongly opposes the idea of taxing unrealized gains. He maintains that this policy unfairly targets small businesses and middle-class families.He also believes that taxing gains before they are realized puts a burden on the middle class and benefits the wealthy.
Moreover, he calls for the IRS to focus more on the ultra-wealthy rather than placing extra pressure on small business owners. His stance is that the tax system should protect working households and support fairness.
Concerns About Gun Control and Citizen Rights
Deaton has also raised concerns about gun control laws. He supports responsible gun laws but warns against vague regulations that could limit the rights of law-abiding citizens. He argues that such laws might lead to excessive government control over private gun ownership.
Besides, Deaton insists that lawmakers should draft clear regulations to protect Second Amendment rights. Thus, he urges politicians to avoid passing unclear laws that could result in the unjust confiscation of firearms.
Outdated Securities Laws and Calls for Reform
Deaton also paints U.S. securities laws outdated. He says the current rules, which were written in the 1930s and 1940s, are not fit for legislating new technologies like blockchain. Deaton believes Congress needs to update these laws to address modern digital assets.
Additionally, he says Congress lacks tech-savvy leaders who understand the complexities of blockchain and artificial intelligence. Deaton calls for term limits to introduce fresh ideas and ensure that U.S. policymakers can keep up with advancing technologies.
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