#JohnEDeaton #SEC #Cryptocurrency #XRP #Ethereum #CryptoRegulation #Coinbase #Binance
John E. Deaton, a lawyer known for his defense of XRP, recently took to social media to voice a harsh critique of the U.S. Securities and Exchange Commission (SEC). His tirade, fueled by remarks by fellow lawyer James “MetaLawMan” Murphy regarding the SEC’s dealings with cryptocurrency exchanges Coinbase and Binance, targeted what he believes to be systemic corruption, favoritism, and an unfair double standard within the SEC’s regulation of digital currencies. Murphy commented on a major discrepancy within the SEC’s narrative, noting the complete absence of any mention of Bill Hinman’s “sufficiently decentralized” test for cryptocurrencies.
For Deaton, the fiery discourse didn’t pull any punches. He associates Hinman’s omission with a cash grab. He claims that the SEC’s silence on matters concerning Ethereum, before and after Hinman’s speech, poses questions about the Commission’s impartiality and thoroughness. Furthermore, he insists that his critique exceeds the technological ecosystem surrounding Ethereum, focusing heavily on the SEC’s strategy and its potentially detrimental implications.
Deaton has coined his critique the “Corruption Era”, a term meant to encapsulate what he perceives as a widespread trend of dubious ethical standards and disregard for potential conflicts of interest. His critique wasn’t limited to crypto-related issues; he made comparisons to other notable incidents of questionable ethics, hinting that this “Ethereum free pass” might be a part of a much larger issue of corruption, whether within the crypto sphere or the political realm. The XRP lawyer made reference to several controversial incidents involving high-profile political figures, emphasizing a perceived pattern of power misuse. Amid the controversy, the price of XRP has seen a significant decrease, dropping 16% over the last 12 days.
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