Renowned crypto lawyer John Deaton has generously offered to testify at a congressional hearing on cryptocurrencies, which is scheduled for January 10. Deaton expressed his willingness to represent the interests of individual token holders through his statement on X (formerly Twitter). He intends to provide his testimony to the Digital Assets, Financial Technology, and Inclusion Subcommittee of the House Financial Services Committee.
The Impact of Regulatory Framework on the Crypto Space
This upcoming hearing aims to examine the impact of the Financial Stability Oversight Council’s regulatory framework on the crypto space. It is of utmost importance to understand the consequences and implications of the council’s regulations on the cryptocurrency industry.
“If you want the American public to learn what Gary Gensler and the Biden/Warren Administration is doing to harm everyday regular Americans, let me know,” Deaton wrote in a tweet.
John Deaton is not new to advocating for the rights of token holders. He has previously served as amicus counsel for over 75,000 XRP holders in the Ripple-SEC lawsuit. His dedication to crypto law is further evident through his formal notice of appearance as an Amicus Curiae in the LBRY lawsuit in September 2023.
Possible Split Victory and Challenging the SEC Chair
Deaton is also known for his insightful predictions and perspectives. He has predicted the possibility of a split victory in the lawsuit between Coinbase and the Securities and Exchange Commission (SEC). In relation to this, he expressed his concerns about SEC Chair Gary Gensler’s stance on investor protection and the lack of compliance. Deaton strongly advocates for a congressional subpoena to hold Gensler and the SEC accountable for their actions.
“I also urge Senators Elizabeth Warren and Sherrod Brown to carry out their responsibilities in overseeing the SEC’s activities,” Deaton added.
Following Deaton’s statement, the XRP community has shown significant support and urged Patrick McHenry, the chair of the House Financial Services Committee, to respond promptly to Deaton’s participation.
- “Come on @PatrickMcHenry do this as a parting gift. We have suffered long enough,” wrote one user.
