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 <p><span style="font-weight: 400">Deaton highlights what he perceives as an attack on cryptocurrencies, particularly in the context of the SEC’s actions against Coinbase and Ripple. His remarks touched on various aspects, including the accredited investor rules, the SEC’s approach to crypto regulation, and its stance on retail investors in the Ripple case.</span></p>  
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 <h2 id="strong-deaton-s-observations-strong"><strong>Deaton’s Observations</strong></h2> 
 <p><span style="font-weight: 400">Deaton’s statement on </span><span style="font-weight: 400">Twitter</span><span style="font-weight: 400"> reflects his belief that the United States operates under a system of corporate capitalism rather than a true capitalist system. He points out several aspects of the current financial landscape to support his claim.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">For years I’ve said we don’t exist in a true capitalist system. We have corporate capitalism in the U.S. Look at the accredited investor rules and how they discriminate against the working class. Look at the attack on Crypto and the attack on Coinbase which allows non-accredited… https://t.co/JVis3xw30f</p> 
  <p>— John E Deaton (@JohnEDeaton1) July 29, 2023</p>  
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 </blockquote> 
 <p></p> 
 <p><span style="font-weight: 400">According to the legal expert, the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a>’s allocation of limited resources toward Section 5 cases and attacking the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a>ondary market on exchanges, rather than focusing on fraud within the crypto space, is indicative of misplaced priorities. He argues that this approach may stifle innovation and growth in the emerging crypto industry.</span></p>  
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 <p><span style="font-weight: 400">Furthermore, Deaton points out the SEC’s objection to retail investors acting as amici curiae (friends of the court) in the Ripple case. The SEC’s stance, according to Deaton, indicates a reluctance to consider the perspectives of retail investors, further reinforcing the perception that the regulatory body may prioritize the interests of larger financial institutions over those of the average investor.</span></p> 
 <h2 id="strong-double-standard-in-crypto-regulation-strong"><strong>Double Standard in Crypto Regulation?</strong></h2> 
 <p><span style="font-weight: 400">Another major concern raised by Deaton is the perceived double standard in <a rel="noopener noreferrer nofollow" title="Crypto Regulation" href="https://thebittimes.com/tag/crypto-regulation.html">Crypto Regulation</a>. &nbsp; He criticizes the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> for refusing to dialogue with major players like Coinbase, which has been proactive in striving to comply with regulations.&nbsp;</span></p> 
 <p><span style="font-weight: 400">Deaton points out that <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> Chairman Gary Gensler met multiple times with </span><span style="font-weight: 400">Sam Bankman-Fried</span><span style="font-weight: 400">, the former CEO of FTX, an offshore crypto exchange despite allegations of FTX defrauding users but failed to discuss with executives of Coinbase.</span></p> 
 <p><span style="font-weight: 400">This disparity in treatment raises questions about the effectiveness and fairness of the regulatory body and the broader framework for digital assets. The <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a>’s approach to different players in the industry may hinder the growth of innovative startups while potentially favoring more well-established entities.</span></p> 
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Lawyer Says SEC Targets Crypto to Back Corporate Capitalism

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