John Deaton advocates for XRP holders, demanding transparency from the SEC, especially regarding the unpublished Hinman Report and regulatory fairness. In the continuing discussions surrounding cryptocurrency legislation, attorney John Deaton has regularly emerged as a key champion for XRP holders.
His comments generally target major officials inside the U.S. Securities and Exchange Commission (SEC), especially former SEC officer William "Bill" Hinman. Deaton has recently stepped up his efforts for accountability and openness, especially about the unpublished "Hinman Report."
Hinman's Ethereum Speech
Bill Hinman gave a lecture in 2018 while he was the Director of the SEC's Division of Corporation Finance, and it has since been a main topic of conversation about cryptocurrency regulation. Hinman stated in this speech that Ethereum (ETH), as it was at the time, shouldn't be categorized as a security. This viewpoint was crucial because it gave Ethereum some legislative certainty and established a possible standard for other cryptocurrencies.
Deaton Demands Report
In January 2025, John Deaton stepped up his efforts to make the "Hinman Report" public. Prepared by the SEC's Office of the Inspector General, the report is thought to include findings from an investigation into possible conflicts of interest about Hinman's 2018 speech, but it has not been made public despite its completion. According to Deaton, the release of this document is essential to comprehending the SEC's internal discussions and the possible ramifications for current and future cryptocurrency regulations.
Deaton gave SEC Chairman Gary Gensler a 10-day ultimatum in a live television broadcast, demanding that the Hinman Report be made public right away. He underlined the importance of the report in illuminating the SEC's actions, especially about its case against Ripple, and highlighted the combined expectation of around 75,000 XRP investors. Deaton's argument stems from the conviction that accountability and justice in regulatory procedures depend on transparency.
Ripple SEC Lawsuit
The SEC's complaint against Ripple Labs started in December 2020, argues that the business performed unregistered securities offerings through the sale of XRP coins. This legal action has had substantial repercussions for XRP's market reputation and has generated larger issues regarding the regulatory status of numerous cryptocurrencies.
Deaton has been outspoken in his criticism of the SEC's strategy in this instance. He argues that early in the hearings, testimony from former SEC officials—such as Hinman and former Chairman Jay Clayton—could have clarified XRP's position. Such testimony, according to Deaton, might have prevented the lengthy legal dispute that has resulted by classifying XRP as a non-security.
John Deaton demands SEC transparency for XRP holders’ justice.
Regulatory War Intensifies
Deaton has expanded his criticisms beyond Hinman to include other significant players in the regulation of cryptocurrencies. He has been very vocal in his criticism of SEC Chairman Gary Gensler and Senator Elizabeth Warren.
According to Deaton, they are engaging in a regulatory war that has forced cryptocurrency companies to leave the US, hindering innovation and hurting US investors. He contends that because of the regulatory ambiguity they have caused, many business owners have chosen to exclude American investors from their offerings to stay out of trouble with the law.
Drop SEC Charges
Deaton has demanded that all non-fraud charges between the SEC and cryptocurrency companies be dropped given the changing political climate and the expectation of more crypto-friendly regulations under the new U.S. government.
He claims that these drawn-out court cases have hindered innovation and placed an excessive burden on investors and business owners. Deaton's position reflects a larger desire among the crypto community for a regulatory framework that ensures equitable oversight while promoting growth.
Final Thoughts
The conflict between regulatory agencies and the quickly changing bitcoin market is highlighted by John Deaton's tenacious campaigning. His demands for openness, especially about the Hinman Report, emphasize the necessity of precise and uniform regulatory standards. The future of cryptocurrency regulation in the US will be greatly influenced by the answers of industry supporters like Deaton and the actions of regulators as the discussion progresses.
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