In a recent social media post, renowned pro-XRP lawyer John Deaton voiced his concerns regarding the outdated regulatory framework currently enforced by the US Securities and Exchange Commission (SEC). This was in response to an interview with Michael Saylor. Deaton emphasized that the SEC’s focus should pivot towards addressing fraud, pump-and-dump schemes, and targeting malicious actors within the industry.
The Need for a Modernized Regulatory Framework
Deaton highlighted the incongruity of applying laws from 1933 to the technological advancements of 2024, including artificial intelligence, robotics, automation, and blockchain. The existing disclosure laws were originally designed to bridge the information gap between investment providers and investors during an era devoid of the internet and modern technologies.
He urged the SEC to adopt clear and straightforward principles to better guide the evolving industry landscape. Deaton criticized figures like Gary Gensler, Jay Clayton, and Bob Stebbins for their preference for ambiguous regulations. Instead, he advocated for reform-minded regulators such as Brian Brooks and Brad Bondi. Deaton’s comments underscore the pressing need for a regulatory framework that aligns with contemporary technological advancements.
Deaton’s Vision for Regulatory Leadership
With rumors circulating about the possible resignation of current SEC Chair Gary Gensler, Deaton has publicly supported Brad Bondi as an ideal successor. Deaton argues that Bondi embodies a balanced and forward-thinking approach to regulatory oversight, expressing skepticism about other potential candidates like Bob Stebbins.
Deaton stressed the significance of the appointments for the US Treasury Secretary and the SEC Chairman, pointing out that these roles should align and support each other to effectively implement the America First Agenda, as envisioned by former President Trump. Recently, Elon Musk suggested Howard Lutnick as a potential candidate for the Treasury Secretary position, while also encouraging input on other possible nominees for the role.
Deaton’s Dream Team for Innovation
Deaton envisions a “Dream Team” that would invigorate American innovation, securing its status as the leading global market. He believes this would trigger an economic surge in the capital, cryptocurrency, and IPO sectors, enhance the demand for the US dollar, and reinforce its global dominance.
Moreover, Deaton sees this team as instrumental in revitalizing and reforming regulatory agencies. He proposes Brian Brooks as Treasury Secretary and Brad Bondi as SEC Chairman to lead this transformative era. This visionary leadership, according to Deaton, would not only bolster the US economy but also shake up the current system, promoting a regulatory environment that is both progressive and conducive to growth.
