John Deaton, a pro-XRP lawyer and US Senate candidate has challenged Kamala Harris, a Democratic presidential candidate, to demonstrate her support for cryptocurrency. Deaton’s call comes as Harris seeks endorsements from prominent figures in the crypto world. He argues that to prove her genuine commitment, Harris should advocate for the resignation of Gary Gensler, the current chairman of the US SEC.
Deaton believes that Gensler’s leadership has been detrimental to the crypto industry. He claims that under Gensler, the SEC has used regulation by enforcement, which has hurt investors more than failures like FTX. Deaton suggests that pushing for Gensler’s resignation would show Harris’s true support for digital assets and help rebuild trust within the crypto community.
Gary Gensler
Criticism of Gensler’s tenure includes allegations that the SEC’s enforcement actions have driven investors to offshore platforms and that the SEC failed to manage its interactions with FTX transparently. Deaton points out that the SEC’s lack of proper documentation and oversight during critical times contributed to investor harm, reinforcing his call for Gensler’s removal as a way to align with the crypto sector’s interests.
In recent developments, Harris has reached out to major cryptocurrency firms like Coinbase, Ripple Labs, and Circle, signaling a potential shift in her stance on digital assets. Despite these efforts, skepticism remains regarding the authenticity of her support, given her past association with the Biden administration’s anti-crypto policies.
Ripple CEO Brad Garlinghouse has advised Harris to distance herself from anti-crypto figures such as Rep. Brad Sherman, highlighting the crypto community’s cautious stance. Meanwhile, Deaton continues to represent XRP holders in legal battles against the SEC, underscoring ongoing tensions between the regulatory body and the crypto industry.
