Pro-XRP Deaton Unveils Senate Draft Bills, Agrees with Musk on ‘Regulatory Capture’

Pro-XRP attorney John E. Deaton’s recent post on X seems to have gained significant traction in the cryptocurrency industry. Today, July 9, Deaton addressed X, revealing what his initial Senate bills will focus on: cracking down on regulatory capture within the U.S. Securities and Exchange Commission (SEC).

Deaton’s statements, in line with those of US entrepreneur Elon Musk, underscored common concerns about the current state of affairs, where regulators are seamlessly transitioning into similar roles in the industry. The pro-XRP lawyer, after challenging Democratic US Senator Elizabeth Warren, made attention-grabbing statements focusing on the saga.

Deaton’s First Bills in the Senate

In his post, Deaton detailed his tireless efforts over the years to expose regulatory capture within the US SEC. In this regard, the pro-XRP lawyer points out how he has sued the SEC pro bono on behalf of thousands of individuals. This includes legal battles with Ripple Labs, the XRP lawsuit, Coinbase, and others.

Interestingly, as of January 1, 2021, Deaton’s legal fight to ensure ethical regulatory efficiency has not helped him earn a dime. Nevertheless, Deaton has stated that his first Senate bill “will address congressional term limits.”

In addition, a second bill will also be introduced that imposes a 3-5 year statutory ban preventing regulators (including lawyers) from working in the same industry they are regulating. In context, a person serving as FDA chairman will be barred from serving as Pfizer board chairman.

Likewise, you won’t be able to leave the SEC and go straight to work for a hedge fund, as Musk has also expressed concerns. “I plan to permanently close the revolving door at our federal agencies,” Deaton added. Those statements seem to have quickly gained significant traction amid the ongoing election scenario.

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Coinbase and XRP – Legal Disputes with the SEC

Meanwhile, the XRP lawsuit seems to be going in Ripple Labs’ favor for now, with the filing of a Notice of Supplemental Authorization against the SEC. However, as July 31 approaches, the XRP community awaits a final ruling.

Additionally, in recent legal developments, Coinbase also challenged the SEC’s attempt to block access to CEO Gary Gensler’s communications, which was central to the lawsuit.

Recent events have shown that the SEC is receiving a negative response from most members of the cryptocurrency industry.

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