Ripple Pro Lawyer John Deaton’s Crypto Prediction Raises Concerns

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CryptoLaw founder John Deaton believes that the final and most aggressive push to shut down crypto may soon be seen following the White House statement on mitigating the risks associated with cryptocurrencies.

“We will soon see the final and most aggressive push to shut down crypto,” Deaton wrote.

We will soon witness the final and most aggressive push to shut down crypto. https://t.co/w4O23zbN40

John E Deaton (@JohnEDeaton1) January 28, 2023

The White House released a statement titled “The Administration’s Roadmap to Mitigate Cryptocurrency Risk” on January 27.

The statement reads as follows:

“We have spent the last year identifying the risks of cryptocurrencies and acting to mitigate them using the powers available to the executive branch.”

Legislative guidance provided by the administration called on the US Congress to step up its efforts.

“For example, Congress should expand the powers of regulators to prevent abuses of client assets that harm investors and distort prices and to mitigate conflicts of interest,” the document further states.

The SEC seeks to expand its claim to authority

The United States Securities and Exchange Commission (SEC) has stepped up its crackdown on the cryptocurrency market under Chairman Gary Gensler, who was appointed to the post in April 2021.

As it stands, the SEC is trying to expand its claim of authority, as Gensler has repeatedly stated that the agency intends to be the primary regulator of the US crypto market.

Gensler thinks almost every other crypto token outside of Bitcoin could be a security and has pursued some recent actions.

Ripple is currently in the midst of a legal battle with the SEC, which alleges that the $1.3 billion sale of XRP constituted an unregistered security offering.

Ripple executives expressed their views on cryptocurrency regulation earlier this year. Among these, General Counsel Stu Alderoty anticipates the judge’s decision in Ripple’s SEC lawsuit in the first half of 2023 and a ruling in favor of Ripple.

He believes this will be the catalyst needed to move the US crypto industry forward and prevent companies from outsourcing their crypto work.

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