John E. Deaton Accuses Gensler of Crypto Policy Hypocrisy

Cryptocurrency lawyer, John E. Deaton is firing back at SEC chair Gary Gensler after the regulator rejected Coinbase’s proposal for crypto-specific rules. 

Deaton took Gensler to task on social media, accusing him of “gaslighting” the public. According to Deaton, Gensler’s stance contradicts his previous testimony that acknowledged crypto’s uniqueness and the lack of tailored regulations. 

@GaryGensler with the backing of @ewarren is 💯 gas lighting the American people. In this letter, he states that there is NOTHING unique or new about cryptocurrencies, and states existing laws easily apply to crypto.

BUT THAT’S NOT WHAT GENSLER SAID UNDER OATH.

At his… https://t.co/tlR7yEFMMS

— John E Deaton (@JohnEDeaton1) December 15, 2023

The Coinbase decision prompted an immediate lawsuit, with the exchange alleging the rejection was arbitrary. The SEC argues current securities laws adequately govern crypto markets.

Deaton claims the regulator is weaponizing its independence instead of creating sensible crypto policy. He also called out senators critical of crypto, suggesting conveniently timed comments from JPMorgan’s Jamie Dimon and Senator Elizabeth Warren.

Let’s see: Jamie Dimon tells @ewarren everything she wants to hear regarding her war on #Bitcoin and Crypto right at the same time she introduces her bill to effectively ban Bitcoin & Crypto in the United States. Isn’t that convenient timing on Warren’s part? https://t.co/wCcm5vOfke

— John E Deaton (@JohnEDeaton1) December 16, 2023

The face-off spotlights the ongoing conflict around whether crypto necessitates specialized regulations. As the SEC ramps up enforcement actions, exchanges like Coinbase insist legal clarity is desperately needed to support innovation.

With stakes high on both sides, the war of words seems poised to intensify alongside unfolding legal battles.

Also read: Bitcoin ETF Verdict Nears as Crypto World Awaits SEC Decision

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