John Deaton, a pro-crypto lawyer, has sought resignation from the current SEC Chair Gary Gensler. This comes after a verdict that fined the Commission $1.75 million for misleading conduct in the Debt Box case. Moreover, the US Securities and Exchange Commission is facing a lot of heat for its approach to regulation and enforcement in the crypto sphere. John is now supporting ex-CFTC Chair Giancarlo due to his perceived market support.
John has only sought resignation and replacement as of now. There has been no official word from the agency or any other relevant body. Gary’s approach towards LBRY, Ripple, and Coinbase has also drawn criticism. Interestingly, John has been at the center of all these cases. He has taken a firm stand on LBRY, stating that the Commission had even publicly mentioned its intention of bringing the firm to its knees through legal fees.
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Needless to say, this sparked a series of outrages within the ecosystem of the crypto market. Deaton has also said that the SEC has not spared the executives of Ripple, namely Brad Garlinghouse and Chris Larsen. He has accused the agency of harassing them, thereby affecting Ripple’s reputation and causing a dent in the value of XRP.
The token has made a slight recovery by marking an uptick of 4.22% in the last 30 days. . At the time of writing this article, the value of XRP stands at $0.5285. It further reflects a surge of 1.23% in the last 24 hours and a drop of 0.78% in the last 7 days.
The legal battle between Ripple and the SEC is expected to have the final verdict. It may receive support from FIT21 if and when it is enacted in the United States. It was last seen waiting for the signature of the US President, Joe Biden.
The SEC has been the subject of criticism since it began conducting roll calls on digital assets, classifying them as securities and asserting that it should be responsible for regulating them. It may be one of the factors that contributed to the volatility and fluctuation of digital assets, but the market nonetheless continues to maintain that its impact has been pretty heavy.
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John Deaton told X that he was proud of being one of the first people to battle Gary Gensler and the Commission. He first sued them on January 1, 2021, and has been in the middle of an argument with lawyers for almost three years. Many members of the crypto community have said that he was indeed early and has done a lot for them; others have asked Gary Gensler to respond to this development.
