Pro-XRP Lawyer Wants Next SEC Head To Focus on Fraud, Pump-and-Dump Practices

Attorney John Deaton, a well-known advocate for XRP and supporter of friendly crypto regulations, recently faced a tough challenge in his first political campaign. Despite his popularity within the crypto community, Deaton struggled to win a Senate seat. He ran as a Republican candidate in Massachusetts and secured a nomination by defeating opponents Robert Antonellis and Ian Cain in a three-way primary. However, U.S. Senator Elizabeth Warren ultimately won her third term, defeating Deaton.

Throughout his campaign, Deaton pushed for a balanced approach to crypto regulation, stressing the need for laws that support innovation while protecting consumers. Ripple CEO Brad Garlinghouse also showed his support, praising Deaton’s commitment to the digital asset space.

In a recent podcast, Deaton discussed the future of the U.S. Securities and Exchange Commission (SEC) under a new chairman, especially in light of the speculation surrounding Gary Gensler’s potential resignation. Deaton made it clear that, regardless of who takes over at the SEC, strong consumer protection laws are still necessary. He said:

“I really hope whoever takes over at the SEC really focuses on fraud, pump-and-dump things, and things like that, where consumers really need to be protected.” 

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Gary Gensler Hints at Resignation?

There’s growing speculation that Gensler, the embattled chair of the SEC, may be on his way out. His recent statement hinted at the possibility of stepping down, and many believe his resignation could happen sooner rather than later.

In a recent remark, Gensler called his time at the SEC an “honor,” stating, “It’s been a great honor to serve with the remarkable staff at the SEC.” While this might sound like a standard parting message, some saw it as a sign that Gensler is preparing to leave.