Republican

United

Billion

<ul>
 <li>The SEC's strict crypto regulation allegedly led to a $15 billion loss for retail investors, according to pro-crypto attorney John Deaton.</li>  
 <li>The SEC recently clarified that cryptocurrencies are not securities, marking a change from its previous regulatory stance.</li>  
 <li>John Deaton, now a Senate candidate, vows to hold the SEC accountable for its regulatory actions, criticizing its gross overreach.</li> 
</ul>  
<p>The Securities and Exchange Commission has come under fire for its aggressive regulation of the cryptocurrency industry. John Deaton claims that the SEC's regulatory approach has cost ordinary investors more than $15 billion. He called the SEC's actions gross overreach and promised to keep the agency accountable.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/AbsGMCrypto/status/1835332135810445400
 </div>
</figure>  
<p>The <a href="https://www.sec.gov/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> has long been criticized for its enforcement-heavy approach to managing the digital currency industry. Deaton, a passionate advocate for XRP holders, claims that the SEC's strict rules have significantly harmed small investors.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-recent-developments-with-political-implications"><strong>Recent Developments with Political Implications</strong></h2>  
<p>Deaton's words come after he won the Massachusetts Republican primary for the United States Senate. He is currently preparing for battle with Democratic Senator Elizabeth Warren in the November election. Deaton claims that <a href="https://cryptonewsland.com/john-deaton-criticizes-elizabeth-warren-over-anti-crypto-stance-highlights-banking-sector-issues/" target="_blank" rel="noopener noreferrer nofollow">Warren has been unwilling to oppose</a> the SEC's crypto stance, leading him to take action by&nbsp; vying in the upcoming elections.</p>  
<p>Furthermore, the SEC has shown signals of <a href="https://cryptonewsland.com/sec-changes-position-saying-digital-tokens-are-not-securities/" target="_blank" rel="noopener noreferrer nofollow">relaxing its crypto stance</a> after it clarified that cryptocurrencies themselves are not considered securities. This represents a major shift from the SEC's earlier approach, which classified some crypto assets as securities. However, Deaton argues that this move is too little, too late, given the huge financial impact on regular investors.</p>  
<h2 class="wp-block-heading" id="h-sec-under-scrutiny"><strong>SEC Under Scrutiny</strong></h2>  
<p>Deaton's criticism comes amid rising scrutiny of the SEC's regulating tactics. He claims that the agency's excessive enforcement has done significant damage to small investors. Deaton stressed that the $15 billion loss incurred by these investors was due to the SEC's misconduct and gross overreach.&nbsp;</p>  
<p>The way the SEC has regulated cryptocurrencies has come under fire, particularly since individual investors are suffering significant losses. As Deaton pursues his Senate campaign, the debate over cryptocurrency regulation is expected to be a heated topic, with potential changes to policy on the way.</p> 
<p>The post <a href="https://cryptonewsland.com/sec-faces-criticism-over-15-billion/" rel="noopener noreferrer nofollow">SEC Faces Criticism Over $15 Billion Investor Loss, Pro-Crypto Attorney John Deaton Speaks Out</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

SEC Faces Criticism Over $15 Billion Investor Loss, Pro-Crypto Attorney John Deaton Speaks Out

Table of Contents

Crypto News Land

Other articles published on Sep 16, 2024

FED Decision is Just a Short Time Away! What Are the Expectations? How Will a 50 Basis Point Inte...

Circle and Sony Block Solutions Labs Partner to Boost USDC Adoption on Soneium

Circle and Sony Partner to Expand USDC on Soneium

MicroStrategy Buys Another $1.11B in Bitcoin, Reaches 244,800 BTC Holdings

SOL Holders Rejoice: Massive Outflows Hint at Price Spike—Get Ready!

SwissCheese Price Prediction: SWCH Soars 15%, But Traders Rush To Buy This Meme Coin With A 1,154...

Join our free newsletter for daily crypto updates!