The outgoing US government had more than just animosity towards innovation. Numerous experts warn that the Biden administration carried out a second edition of Operation ChokePoint to stop the advance of several technological sectors. This government action leads to the war against cryptocurrencies.
In this sense, the actions of the Securities and Exchange Commission (SEC) headed by Gary Gensler were not isolated. The official would have followed very clear guidelines emanating from the White House to damage the most advanced crypto projects.
The regulators' hostile and relentless approach to enforcing laws through punishment and their refusal to engage in dialogue have raised enormous suspicions. This is why well-known lawyer John Deaton has called for a federal investigation. The legal expert has offered to support the authorities of the new government in eradicating anti-innovation policies.
On January 20, Donald Trump will be sworn in as President of the United States. From that date, the details of the SEC's war on cryptocurrencies will begin to emerge. It is worth noting that on that same day, Gary Gensler will formally say goodbye to the regulatory agency.
The end of the war against cryptocurrencies
Deaton says that letting the Biden administration's actions go by means leaving the door open for them to repeat it in the future. Therefore, he stresses that decisive action must be taken to punish those responsible for this attack on the innovation sector.
He stresses that the measures to be taken have to focus far beyond the issue of cryptocurrencies. The objective, he explains, is to avoid the erosion of federal agencies through policies derived from the ideological agendas of the governments in power. Deaton is recognized for his role in defending Ripple against the SEC's attacks. He is also one of the greatest defenders of the integrity of the innovation sector in the North American country.
One aspect that generates hope among investors and cryptocurrency enthusiasts is the regulation promised by Trump. Thus, a specific regulatory framework for the crypto market would destroy any future arguments to undermine the development of the sector.
According to President Trump, the new regulation should be friendly and have the quality of contributing to the advancement of the cryptocurrency market.