• Attorney John Deaton recently spoke at an industry conference to highlight the importance of accountability within regulatory bodies.
• He brings attention to Gary Gensler and Jay Clayton, discussing potential missed opportunities for a “Safe Harbor” proposal for cryptocurrencies.
• Deaton imagines different outcomes for the Ripple case and urges the need for regulatory clarity.
Importance of Accountability
Attorney John Deaton recently spoke at the first annual onXDC Live blockchain industry conference in Texas. He highlighted the importance of accountability within regulatory bodies. He draws attention to Gary Gensler and the SEC, emphasizing the importance of holding not just new figures like Gensler responsible, but also previous ones, notably Jay Clayton. Deaton believes that this accountability is essential to maintain fairness and consistency in regulatory actions.
The “Safe Harbor” Proposal
In Deaton’s view, Clayton’s tenure could have witnessed different outcomes, particularly in the context of the “Safe Harbor” proposal for cryptocurrencies. He highlights a missed opportunity in 2020 when Clayton, equipped with a majority vote from Commissioners, could have passed a Safe Harbor initiative. Such an initiative, if enacted, might have provided a more structured framework for digital asset regulation.
William Hinman & Ripple Case
During the discussion, the statute of limitations for William Hinman, a former SEC official, is brought up. Deaton clarifies that while Hinman might be shielded from SEC repercussions due to the statute of limitations, he could still face civil lawsuits. The attorney looks into the Ripple case and talks about how the legal fight is complicated. He imagines different things that could happen like SEC people going to court or Ripple and the SEC making a deal. He says that what happens might be influenced by how the SEC thinks about other cryptocurrencies, especially in the Coinbase case.
Urgency of Regulatory Clarity
Turning tothe future; Deaton highlights he urgency of regulatory clarity .He points out thatthe absenceof clear guidelinesand regulationspushsthe crypto industry offshore;a trend he believescould changewith positive developments emergingfrom caseslikeRipple’s . “Ihave75;000 emailsor email namesof XRP homiesand I’mtelling you;I don’t carehow toughyou areif youread someofthese people’sstoriesthatgotkilled financiallyit’ll breakyour heart ;“hesaid .
Conclusion
It can be concluded that John Deaton’s speech was centered around bringing more accountability within regulatory bodies by holding both new and old figures responsible alike so as to promote fairness in decisions made regarding cryptocurrency regulations in order to ensure clarity on where industries stand legally when it comes to digital assets