John Deaton Emphasizes The Need For Modernised Regulatory Framework, Criticizes SEC For Applying Outdated Laws
In the latest X postalJohn Deaton, a lawyer who supports XRP, criticized the SEC in response to an interview with Michael Saylor, expressing concerns about the outdated regulatory framework adopted by the US SEC. He said the SEC should focus on “fraud, pump-and-dump schemes and bad actors.”
He pointed out that we will basically apply the 1933 disclosure law to modern technologies such as artificial intelligence, robotics, automation and blockchain in 2024. The existing disclosure law is designed to reduce the asymmetry between providing investment and obtaining investment. He emphasized that this was in an era before technologies such as the Internet did not exist.
He asserted that the SEC should focus on clear, direct principles to guide the industry. Deaton reiterated Michael Thaler’s point when he said, “It’s so simple, just don’t lie, cheat or steal.”
“Guys like Gary Gensler, Jay Clayton and Bob Stebbins prefer vague laws and rules of the road. We need people like Bush Reformers like Ryan Brooks and Brad Bundy as regulators,” he noted.
The need for a modern regulatory framework
Deaton’s remarks emphasized the need for a modern framework that accommodates emerging technologies. He believes that adopting a clearer, innovation-oriented regulatory strategy will promote the growth of digital assets.
Amid speculation about the resignation of current SEC Chairman Gary Gensler, Deaton endorsed Brad Bondi as a suitable successor.
Deaton noted that Bundy represented a more balanced and progressive approach to regulation and expressed skepticism about other contenders such as Bob Stebbins.
Deaton’s thoughts on who should be Treasury secretary, SEC chairman
Treasury secretary and SEC chairman are the two most important remaining positions to be filled. Deaton emphasized that both options must be compatible to truly implement the “America First” agenda envisioned by President Trump.
Elon Musk recently said Howard Lutnick might be the right choice for Treasury secretary, but he also suggested others provide input on who President Trump should choose to be the next Treasury secretary of the United States.
Deaton expressed his opinion statement:
“The Dream Team will catalyze American innovation and secure its position as the world’s number one market, leading to an economic explosion in our capital, cryptocurrency and IPO markets, while boosting demand for the U.S. dollar and ensuring its global dominance, Meanwhile, reforming and transforming the agencies are: Brian Brooks as Treasury Secretary and Brad Bondi as SECGov Chairman.”
