Crypto lawyer John Deaton has urged SEC Chair Gary Gensler to stop the regulatory body’s aggressive action against crypto companies and withdraw its regulatory measures. The US has heightened tensions in the crypto industry through unclear regulations and by indicting several crypto entities, such as Ripple (XRP), Bittrex, and Coinbase. Deaton stated that the SEC needs to stop protecting the American public from alleged security violations and should shift its approach to one of innovation.
The renowned pro-XRP attorney highlighted the SEC’s actions towards Coinbase for failing to register as an exchange was an attempt to protect the American public, however, it is not the role of a regulator to protect from security violations or alleged violations.
“Stop protecting the American public by trying to impose impossible compliance standards aimed at preventing security violations or alleged security violations. Because, of course, the role of a regulator is not to protect people from securities violations,” wrote Deaton in a tweet.