In recent XRP news, John Deaton, a prominent Republican senatorial candidate and pro-XRP lawyer, has called on Democrat presidential candidate Kamala Harris to substantiate her newfound support for the cryptocurrency industry. This plea comes amidst broader calls from the crypto community for Harris to clarify her sudden shift towards Bitcoin and other digital assets. Deaton suggests that a definitive move by Harris would be to demand the immediate resignation of SEC Chair Gary Gensler.
John Deaton Seeks Gary Gensler’s Resignation from Kamala Harris
John Deaton, a steadfast advocate for XRP, has been vocal in his criticism of Gary Gensler’s leadership at the SEC. Deaton argues that Gensler’s policies have caused more harm to individual investors than the notorious Sam Bankman-Fried, the founder of the now-defunct FTX. According to Deaton, the SEC’s strategy of regulation by enforcement has driven investors and customers towards offshore companies like FTX. He also highlights that Gensler met with Bankman-Fried multiple times but has refused to disclose any notes, emails, or correspondence from these meetings.
Deaton believes that if Harris were to demand Gensler’s resignation, it would not only be a positive move for XRP but for the broader crypto community. He adds that such a demonstration of good faith could become a landmark moment in the history of cryptocurrency regulation. Former President Donald Trump had also promised to fire Gensler, reflecting a bipartisan dissatisfaction with his tenure.
Broader Implications for the Crypto Industry
The discussion around Gensler’s resignation is not confined to Deaton alone. Anthony Scaramucci, founder of Skybridge Capital, and Charles Gasparino, senior correspondent for Fox Business, have also speculated on whether a Harris administration would sever ties with Senator Elizabeth Warren, a known critic of the crypto industry. This speculation underscores the broader uncertainty and potential shifts in the regulatory landscape for digital assets.
The Ripple vs. SEC Case
The ongoing Ripple vs. SEC case, presided over by Judge Analisa Torres, has been a focal point in the debate over cryptocurrency regulation. Deaton has represented 75,000 XRP holders pro bono in this case, arguing that the SEC’s legal theories have violated decades of securities laws, adversely affecting retail investors. Judge Torres, a lifelong Democrat appointed by President Obama, has echoed some of these criticisms, further complicating the SEC’s position.
Deaton urges Vice President Harris to consult with Judge Torres regarding the SEC’s actions. He points out that the Court of Appeals has previously stated that the SEC acted “arbitrarily and capriciously” in violation of the law. In the Debt Box case, the SEC was even sanctioned by the judge for dishonesty and fraudulent-like behavior. These points, Deaton argues, are crucial for Harris to consider in her reassessment of crypto regulation.
Market Reactions and Future Outlook
The market has reacted to these developments with a slight uptick in XRP prices, which have increased by over 1% in the past 24 hours, currently trading at $0.608. However, trading volumes have seen a slight decrease, indicating cautious optimism among investors.
The call for Gary Gensler’s resignation is a significant moment in the ongoing evolution of cryptocurrency regulation in the United States. Whether Kamala Harris will heed Deaton’s call remains to be seen, but the broader implications for the industry are undeniable. As the debate over crypto regulation continues, the actions of policymakers will be closely scrutinized by both advocates and critics within the digital asset community.
