Former SEC Chair Who Led XRP Lawsuit Now Defends Bitcoin—John Deaton Demands Answers
Regulatory whiplash hits crypto—again.
Key Players Take Sides
The ex-SEC chief behind the aggressive XRP lawsuit is now publicly defending Bitcoin. John Deaton—firebrand attorney and crypto advocate—isn’t having it. He’s demanding answers, calling out the glaring inconsistency in regulatory treatment.
Deaton’s Challenge
Why defend one digital asset after targeting another? Deaton pushes for clarity in a system that often feels arbitrary—like watching regulators play favorites while the rest of us just try to keep up.
Bigger Than Bitcoin
This isn’t just about Bitcoin or XRP. It’s about the credibility of oversight in a market that’s rewriting finance. When the rulebook seems written in disappearing ink, trust erodes faster than a shitcoin’s liquidity.
Final Take
Hypocrisy or evolution? Either way, the crypto world is watching—and demanding better.
Gary Gensler, the former chair of the U.S. Securities and Exchange Commission (SEC), is back in the headlines following new remarks on crypto. In a recent CNBC interview, Gensler reflected on his tenure, defending the enforcement actions he led.
He said most cryptocurrencies outside of Bitcoin are speculative assets without real fundamentals. According to Gensler, the majority of tokens rely on “hype and momentum” rather than actual products or revenues. He warned that thousands of these tokens will eventually fail, calling many of them fraudulent. Bitcoin, however, was labeled as the “exception” since it does not meet the same criteria he applies to securities.
Gensler also pointed to high-profile scandals like Sam Bankman-Fried’s FTX collapse as proof of why stricter rules and investor protection measures are necessary. He maintained that his actions as SEC chair were in line with his responsibility to safeguard everyday investors.
John Deaton Questions Gensler’s Silence on SBF Meetings
Gensler’s comments drew an immediate reaction from John Deaton, the attorney well known for defending XRP holders in the Ripple case. Deaton took to social media, raising questions that mainstream outlets like CNBC have not asked Gensler.
I have a question for @CNBC hosts like @davidfaber @SaraEisen @andrewrsorkin @carlquintanilla @BeckyQuick @JoeSquawk, etc. And I don’t ask this disrespectfully, but it boggles my mind:
When Gary Gensler brings up @SBF_FTX how come you guys don’t ask him about his private… https://t.co/3B0pT9mv4P
Deaton said that while Gensler often brings up the failures of Sam Bankman-Fried (SBF) and FTX, interviewers never ask him about his private meetings with SBF before the collapse. Reports show that SBF met with Gensler and other regulators several times while also donating millions to U.S. politicians.
According to testimony, SBF contributed $10 million directly to the Biden administration and $72 million overall to political causes, gaining unusual access to policymakers. Deaton argued that journalists should press Gensler on whether he offered SBF favorable treatment, including the rumored possibility of a special “short form” registration process.
