Pro-XRP Attorney Deaton criticizes the former SEC Chair for lack of regulatory clarity in the US as talks erupt over spot Bitcoin ETF approvals.
In a fiery exchange on Twitter, John Deaton, the renowned XRP advocate and founder of Crypto-Law.us, did not hold back in expressing his discontent with the opinion of former SEC Chairman Jay Clayton regarding regulatory approvals.
Specifically, Clayton said on live TV that spot Bitcoin exchange-traded funds (EFTs) are worthy of approvals from the US Securities and Exchange Commission (SEC), given that institutions no longer see a difference between the futures and spot markets.
In response, Deaton fired that the former SEC chairman is culpable for the regulatory hiccups plaguing the crypto industry, particularly on American soil. In Deaton’s words:
“Sorry, but Jay Clayton deserves significant blame for the lack of regulatory clarity existing in the United States today.”
Sorry, but Jay Clayton deserves significant blame for the lack of regulatory clarity existing in the United States today. Hard ? https://t.co/ewuEDiw9uK
— John E Deaton (@JohnEDeaton1) July 10, 2023
Crypto Community Supports the Clayton Backlash
Deaton’s strong statement quickly garnered support from pro-crypto Twitter users who shared their criticisms of Clayton. One user pointed out that Clayton filed a major lawsuit and abruptly left his position, leaving a cloud of uncertainty behind.
A Bitcoin maximalist chimed in, noting that it was easy for Clayton to make statements from the sidelines now that he is no longer in a position of power. The sentiment was echoed by another user who accused Clayton of benefiting personally from his investments in Ethereum (ETH) while suing Ripple on his last day and resigning six months early.
Another Twitter user discussed the alleged motives behind the regulatory actions. The individual believes that slowing down the adoption of crypto, particularly XRP, played a central role.
The commenter argued that influential incumbents in the industry were awaiting the entry of more prominent players before embracing digital assets fully.
Another crypto proponent stated that Gary Gensler, the current SEC Chairman, should not be solely held responsible, as the agency had become a captured bureaucracy controlled by industry incumbents. He called for dismantling the SEC and establishing a new agency with clear taxonomy and legislation.
Meanwhile, an XRP enthusiast offered a nostalgic perspective, reminiscing about a time when regulatory clarity was scarce, suggesting that the ambiguity allowed for more freedom for sensational digital assets like PEPECOIN (PEPE) and Dogecoin (DOGE) to appear.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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