• Attorney John Deaton has raised concerns about the US Securities and Exchange Commission’s (SEC) lack of transparency in handling the XRP case.
• Deaton recently slammed the SEC for its inability to offer a clear opinion on whether syndicated loans should be classified as securities.
• He refers to the SEC as a “broken institution”, criticizing its refusal to provide guidance to market participants and appellate courts.
John Deaton Exposes “Broken” SEC System
Attorney John Deaton, the prominent pro-XRP lawyer behind Crypto Law, has been critical of the US Securities and Exchange Commission (SEC). Recently, he has expressed his discontent with the commission’s inability to provide a definitive opinion on whether syndicated loans are securities.
Deaton Criticizes Lack of Clarity
Deaton believes that this lack of clarity from the SEC creates confusion among market participants and hinders decisions made by appellate courts. He also claims that this failure to provide guidance allows the SEC to potentially prosecute anyone or anything in the future. Accordingly, he calls for more clarity from the commission so as not to put innocent people in danger of being prosecuted.
SEC’s Advice on Ethereum
Deaton further condemns the advice given by SEC Chair Gary Gensler regarding Ethereum not being considered a security. According to him, such an opinion is disgraceful and only serves to perpetuate uncertainty within crypto markets. He argues that such vagueness does not help individuals or entities who are looking for reliable investment opportunities in cryptos.
Demand for Regulatory Framework
In light of this controversy, Deaton is demanding that regulatory frameworks be established for cryptocurrency markets so as not to stifle innovation or prevent investors from receiving adequate protection from potential frauds or scams. Furthermore, he calls upon regulators across all jurisdictions worldwide – including those in Europe -to come together and agree upon a unified approach towards regulating digital assets and providing legal certainty amongst investors throughout the globe.
In conclusion, John Deaton is adamant about securing clarity and regulatory stability concerning syndicated loans from the US Securities and Exchange Commission (SEC). His views represent many individuals‘ outlooks on how certain issues must be resolved in order for cryptocurrency markets to move forward with greater confidence in their investment decisions.