- 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.
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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.
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