Pro-XRP lawyer marks 4 things the next SEC Chair must do for crypto

In response to the announcement that U.S. President-elect Donald Trump has nominated a new chair for the Securities and Exchange Commission (SEC), pro-XRP advocate John Deaton shared his views on the appointment. Deaton emphasized specific action points that the new SEC Chair must prioritize on their first day in office to support the growth of the crypto industry.

Yesterday, President Trump announced the nomination of Paul Atkins, a former SEC commissioner, to succeed Gary Gensler as the next SEC Chair. The announcement, which was made through a post on Truth Social, came weeks after many reports identified Atkins as the most qualified candidate for the position.

John Deaton has openly supported the digital asset industry and has made his stance publicly known. In light of this, he remarked that while most Senate candidates would typically avoid commenting on decisions made by the SEC, he is not a typical candidate and is willing to speak out.

John Deaton asks Paul Atkins to change the SEC staff

Initially, Deaton suggested that the subsequent SEC Chair address the Debt Box issue and terminate all parties involved in the affair. The SEC’s litigation against Digital Licensing Inc., also known as DEBT Box, a crypto-related firm, is the focal point of this incident.

The SEC’s counsel acknowledged that the court deceived the company to obtain a Temporary Restraining Order (TRO). As a result, the judge dismissed the litigation following the SEC’s request and directed the commission to reimburse DEBT Box $1.8 million in legal fees.

Despite the fact that a number of SEC lawyers resigned in the wake of the DEBT Box scandal, Attorney Deaton is urging the incoming SEC Chair to terminate the employment of all individuals involved.

In addition, Deaton demanded that Atkins fire or demote any SEC employees promoted to significant leadership positions by Gensler, whom he described as a bad-faith regulator.

According to Deaton, the future SEC Chair should carefully select team members who share Trump’s ambition of making America the ‟Crypto Capital of the World.”   

He also encouraged the newly appointed SEC Chair to dissolve the agency’s digital asset Unit, which focuses mostly on cryptocurrency.

Deaton believes there is no need for a dedicated digital asset unit at the SEC. Instead, he suggested that the new chairman create a generic fraud unit at the commission to combat fraudulent activity in various areas, including cryptocurrency and the stock market. 

The pro-XRP advocate advised that Atkins clarify that self-custody and decentralized finance (DeFi) are not subject to SEC regulation.

This clarification would represent a substantial departure from Gensler’s previous stance, which has seen him label practically anything related to crypto as securities. 

It is worth noting that one of Trump’s campaign promises is to defend the right to self-custody. This revision would help crypto entities like Ripple XRP in their lawsuit.

Crypto responds to Paul Atkin’s nomination

Bitcoin surpassed $100,000 for the first time on Thursday, December 5, as traders applauded Donald Trump’s choice to appoint a crypto enthusiast to lead the US Securities and Exchange Commission, strengthening hopes that the incoming president will push through efforts to de-regulate the industry.

The apex crypto shot past the mark to a high of $103,800, following a bull rally since Donald Trump’s November 5 election, when he promised on the campaign trail to make the United States the “bitcoin and cryptocurrency capital of the world.”

With Bitcoin’s market cap exceeding $2 trillion, how might this leadership change shift the regulatory landscape and impact the broader crypto market?