The post John Deaton Emphasizes The Need For Modernised Regulatory Framework, Criticizes SEC For Applying Outdated Laws appeared first on Coinpedia Fintech News
In a latest X post, the pro-XRP lawyer, John Deaton has criticised the SEC expressing concerns over the outdated regulatory framework applied by the US SEC in response to Michael Saylor’s interview. He shared that the SEC should be focused on ‘fraud, pump and dump schemes and the bad guys.’
He pointed out that we are essentially applying 1933 disclosure laws in 2024 to modern-day technologies like AI, Robotics, Automation, and Blockchain and that the existing disclosure laws were meant to reduce the asymmetries between those offering investments and those acquiring investments. He stressed that this was during a time when technologies like the internet did not exist.
He asserted that the SEC should focus on clear and straightforward principles to guide the industry. Restating Michael Saylor’s views, Deaton stated “It’s so damn simple, Just don’t lie, cheat or steal.”
“People like Gary Gensler, Jay Clayton, and Bob Stebbins prefer the law and rules of the road to be VAGUE. WE NEED REFORMERS AS REGULATORS LIKE Brian Brooks and Brad Bondi,” he noted.
The Need For Modernised Regulatory Framework
Deaton’s remarks highlights the need for a modernized framework that accommodates emerging technologies. He argued that embracing a clearer and innovation-oriented regulatory strategy would enable the growth of digital assets.
Amidst the speculations of the current SEC Chair Gary Gensler’s resignation, Deaton has endorsed Brad Bondi as a suitable replacement.
Deaton noted that Bondi represents a more balanced and progressive approach to regulatory oversight snd voiced skepticism over other contenders, such as Bob Stebbins.
Deaton Views On Who Should Be The Treasury Secretary, SEC Chair
The US Treasury Secretary and the SEC Chairman are the two most important remaining positions to be filled. Deaton emphasized that these two selections must be compatible and compliment each other to truly implement the America First Agenda envisioned by President Trump.
Elon Musk had recently suggested that Howard Lutnick might be the right choice for Treasury secretary but had also suggested others to provide input on who President Trump should select to be America’s next Treasury secretary.
Deaton expressed his views stating:
“The Dream Team that would foster innovation in America, securing its place as the number one market in the world, causing an economic explosion in our capital, crypto and IPO markets, while bolstering demand for the USD and ensuring its dominance around the world, while, at the same time, shaking things up and reforming the agencies is: BrianBrooks as Treasury Secretary and Brad Bondi as SECGov Chairman.”
