John Deaton’s Advice on Handling SEC Chair Gary Gensler’s Actions

John Deaton, the Pro-XRP lawyer, has been vocal about what he perceives as SEC Chair Gary Gensler’s undue influence on cryptocurrency markets. Deaton’s latest comments suggest a conflict of interest may be influencing Gensler’s treatment of FTX, the cryptocurrency exchange whose native token FTT saw a significant price surge following Gensler’s comments.

Deaton has expressed outrage over Gensler’s remarks about being open to a “rebooted FTX,” provided it operates “within the law.” Deaton and Scott Melker, a prominent crypto analyst, have criticized the SEC Chair for his role in the dramatic price manipulation of FTT tokens. This criticism aligns with broader concerns in the crypto community over Gensler’s approach to regulation and enforcement.

XRP stands apart because of the efficiency of XRP’s On-Demand Liquidity transactions, which are complete within seconds and, by their nature, could reduce the potential for investor harm. This factor is crucial as it may influence the SEC’s stance and the ongoing litigation’s outcome.

The Ripple Effect: Ongoing Legal Battles and Speculation

The legal battle between Ripple and the SEC has been punctuated by speculation over potential outcomes and penalties. Despite predictions of a $770 million disgorgement, Deaton has cast doubts on this figure, outlining potential deductions Ripple could claim. The lawyer’s detailed analysis suggests that Ripple’s financial exposure could be significantly less than projected.

With a recent dip in price and trading volume, XRP is currently in flux. The market is watching for signs of the next rally as XRP consolidates after touching a recent high. This period of consolidation is not uncommon in cryptocurrency markets and often precedes significant price movements.

Deaton’s stance reflects a broader sentiment within the crypto industry for a need for a balanced and equitable regulatory framework that fosters innovation while protecting investors. As the community awaits further developments, Deaton’s advice is clear: stay resilient and united.