- Elon Musk, Mark Cuban, and others challenged SEC’s administrative proceedings in the Supreme Court.
- Attorney John Deaton praises the move, citing SEC’s alleged bias favoring specific entities.
- Deaton calls for restructuring the SEC, barring former officials from related industries to restore trust.
Pro-crypto lawyer John Deaton has thrown his weight behind the recent legal challenge posed by billionaires Elon Musk and Mark Cuban, among others, against the Securities and Exchange Commission’s (SEC) administrative proceedings. This move seeks to overhaul the current practices of the regulatory agency.
The legal challenge, spearheaded by influential figures, including Elon Musk and Mark Cuban, is part of an ongoing lawsuit regarding the SEC’s handling of administrative proceedings in a case involving hedge fund manager George Jarkesy. The Supreme Court’s recent ruling, which indicated potential constitutional violations in the SEC’s processes, has ignited a push for significant reform.
Expressing his support for the initiative, Attorney John Deaton highlighted the SEC’s purported partiality toward specific entities, emphasizing instances involving former SEC officials allegedly shaping policies to favor specific companies. Deaton cited specific cases involving ex-SEC officials William Hinman and Jay Clayton, insinuating their influence in categorizing Bitcoin and Ethereum as non-securities, potentially facilitating their career transitions to related firms.
In advocating for a comprehensive restructuring of the SEC, Deaton emphasized the need for regulations preventing former officials from assuming roles in previously regulated industries. This, he contends, is vital to curb a “revolving problem” within the SEC and to reinstate public confidence in the agency’s integrity and fairness. Deaton’s voice adds substantial momentum to the ongoing dialogue about the SEC’s structure and practices, suggesting a potential paradigm shift in the regulatory landscape.
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