Crypto News

Is the SEC Softening Its Stance on Crypto? Insights from Pro-XRP Lawyer

An Unconventional Move by the SEC?

Pro-XRP lawyer John E Deaton notices a shift in the SEC’s approach to the cryptocurrency industry, particularly its decision not to capitalize on recent fake BTC ETF news to criticize the sector.

A Departure from the Past

This marks a departure from the SEC’s previous stance, where Chairman Gary Gensler consistently linked cryptocurrency to negative activities, including terrorism funding and criminal behavior, whenever an opportunity arose.

Factors at Play

Deaton speculates that the SEC’s change in behavior may be influenced by the agency’s recent legal setbacks and the impact of major institutional opinions.

The “Larry Fink Effect”

He suggests that Gensler may prioritize the views of major incumbent donors and institutions over his previous approach.

A Shared Perspective

This observation aligns with the viewpoint of Scott Melker, also known as “The Wolf of All Streets,” who recently stated in a Twitter post that the approval of a spot Bitcoin ETF appears imminent, citing a shift in language and tone.

Recalling Recent Events

On October 16, reports emerged that the US securities regulator had granted approval for BlackRock’s application to launch a spot BTC ETF in the United States. This news generated enthusiasm in the crypto community, resulting in a swift market surge, with Bitcoin’s price jumping by over 10% in a matter of minutes to reach approximately $29,500 (according to CoinGecko).

A Short-Lived Celebration

However, the excitement was short-lived, as it became clear that no official approval had been granted. The SEC also chimed in, urging people not to rely on unverified internet information and to verify details with original sources.

Differing Trust Levels

Deaton disagreed with the SEC’s caution, asserting that he places more trust in independent judges who oversee the agency rather than the agency itself. He pointed out that an Appellate Court had previously labeled the SEC as “arbitrary and capricious.”

Listening to the Judges

In Deaton’s view, the federal judges’ perspectives on the SEC carry more weight. He cited a federal judge in the Southern District of New York who called the SEC lawyers hypocrites and accused them of lacking faithful allegiance to the law. Deaton concludes that when it comes to the SEC, he chooses to listen to the judges, who are making their voices heard.

Related Posts

SBF Acknowledges Alameda’s “Special Privileges” on FTX During Testimony

Sam Bankman-Fried’s Second Day of Testimony FTX founder Sam Bankman-Fried concluded his second day of testimony in his high-profile fraud case in a Manhattan federal court. Challenging Cross-Examination…

Overwhelmed: South Korea’s Crypto Crime Investigation Unit Faces Challenges

Overloaded Crypto Crime Unit Struggles to Keep Pace South Korea’s specialized crypto crime investigation unit is facing an increasing caseload, just over a year after its launch. The…

Elon Musk’s Joyous Tweet Boosts Bitcoin Price: Crypto Enthusiasm Surges

Bitcoin Holds Steady as Elon Musk’s Tweet Ignites Enthusiasm In the realm of cryptocurrency, Bitcoin remains stable at $34,274, witnessing a 0.75% rise on this Monday. However, it’s…

El Salvador’s President Nayib Bukele Announces 2024 Re-election Bid

President Nayib Bukele Seeks Re-election El Salvador’s President, Nayib Bukele, has formally submitted his candidacy for re-election in the upcoming 2024 polls, a move that has generated criticism…

Is Bitcoin (BTC) Poised to Surpass $40,000? Clues from Whale Activity

Bitcoin Bulls Maintain Control The Bitcoin (BTC) bulls continue to dominate the market, with the world’s largest cryptocurrency by market capitalization consolidating above the $34,500 mark following a…

Bitcoin’s Bullish Run in 2023: Reasons and Future Potential

Bitcoin’s Turbulent Year in Review Just under a year ago, turmoil rocked the Bitcoin (BTC) market as nervous investors hastily sold off their holdings. This panic was in…

Leave a Reply

Your email address will not be published. Required fields are marked *