- John Deaton criticizes the SEC’s delay in approving BlackRock’s Bitcoin ETF, alleging favoritism toward established players in the crypto industry.
- Deaton applauds Ripple’s decision to fight the SEC in court instead of settling.
- The XRP price analysis suggests a favorable court verdict for Ripple could lead to a significant price surge.
John Deaton, a well-known advocate for the XRP cryptocurrency, has taken a critical stance against the US Securities and Exchange Commission’s (SEC) recent decision to delay the approval of a Bitcoin exchange-traded fund (ETF) proposed by global asset management powerhouse BlackRock. Simultaneously, he has praised Ripple Labs Inc. for their unwavering commitment to challenging the SEC in an ongoing legal battle.
Deaton’s criticism of the SEC’s actions stems from his belief that the agency’s approach benefits entrenched players within the crypto sphere rather than safeguarding the interests of everyday investors. He contends that the SEC’s strategy of intertwining retail access with institutional involvement serves the interests of these incumbents.
To underscore his point, Deaton shared an interview featuring Jay Clayton, the former SEC Chair, where he suggested that regulators have conceded the inevitability of cryptocurrencies but are now focused on suppressing their prices to advantage existing entities.
During a recent appearance on CNBC, Clayton expressed confidence in the forthcoming approval of a Bitcoin ETF, emphasizing its significance for retail investors seeking exposure to the crypto market.
In a parallel development, Deaton has lauded Ripple Labs Inc. for their steadfast refusal to settle with the SEC in an ongoing legal dispute. Currently trading at $0.52, the price analysis of XRP suggests that a favorable court outcome for Ripple could trigger a substantial price surge.
Ultimately, Deaton’s support for Ripple’s determination and his critique of the SEC’s alleged bias underscores the intricate dynamics shaping cryptocurrency regulation.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
