SEC’s Aggressive Crypto Stance Resulted in $15 Billion Loss, Claims John Deaton
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
John Deaton, a well-known pro-crypto attorney and U.S. Senate candidate, has accused the Securities and Exchange Commission (SEC) of causing significant financial harm to small investors through its regulatory approach to cryptocurrencies.
In a recent post on X, Deaton said the SEC’s actions have led to losses exceeding $15 billion for retail investors.
Deaton, who has represented thousands of XRP holders in legal proceedings, claimed the SEC’s enforcement practices amounted to “gross overreach,” significantly impacting small investors.
“The SEC’s misconduct and gross overreach caused small investors over $15 billion. On behalf of those 75K small investors I represented, we do not accept the SEC’s apology,” Deaton wrote.
His criticism comes at a time when the SEC has faced increasing scrutiny for its aggressive regulatory posture toward the crypto industry.
Deaton, who won the Republican nomination for the U.S. Senate in Massachusetts, is set to challenge Democratic Senator Elizabeth Warren in the upcoming November election.
He highlighted that he intends to hold the SEC accountable, particularly since, in his view, Senator Warren has been reluctant to do so.
On January 1, 2021, I filed a Writ of Mandamus against the @SECGov stating that the SEC had violated 75 years of legal precedent by claiming the token itself was a security.
I pointed out that orange
