In a recent statement, attorney John Deaton expressed his strong disagreement with remarks made by Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), regarding the cryptocurrency space. Deaton’s response comes after Gensler characterized the crypto industry as rife with “hucksters” and non-compliance.
Gensler’s comments, made during a public address, drew criticism from Deaton, who urged observers to pay close attention to the SEC Chair’s response to a specific question.
Deaton said that when Gensler mentioned “Any Court,” he referred to the highest judicial authority in the United States—the Supreme Court. Deaton’s interpretation suggests that Gensler may be insinuating that the SEC believes it is above the law.
He added, “Let me introduce everyone to a real-life example of a megalomaniac: @GaryGensler.”
Deaton’s remarks shed light on a growing sentiment within the cryptocurrency community, where concerns about regulatory overreach have increased. Additionally, Attorney Bill Morgan has chimed in on Gensler’s remarks.
Morgan shared his thoughts, saying that Gensler’s words appeared to show a strong desire for the SEC to win the ongoing Ripple case. However, Morgan pointed out that Gensler’s wish didn’t come true because Ripple achieved a positive outcome in a significant part of the case.
He wrote, “He means he wishes the SEC won the part of the Ripple case that matters but they didn’t and he hopes the part Ripple won gets reversed on appeal sooner than later so the SEC can have its own (im)Proper Party in NY.”
Morgan hoped that any favorable ruling for Ripple wouldn’t go uncontested. He suggested that the SEC might try to overturn the decision through an appeal process. In Morgan’s opinion, this would allow the SEC to advance its own interests, particularly in what he called an “improper party” context in New York.