Lawyer John Deaton calls for SEC to end war on cryptocurrency industry

Odaily Planet Daily News: John E. Deaton, a lawyer who supports the cryptocurrency industry, has called for an end to the "war against the cryptocurrency industry" led by the US SEC. Deaton's statement was made after a series of legal lawsuits involving major entities such as Ripple, LBRY, Coinbase, etc. He believes that these lawsuits have consumed a lot of resources but have not addressed substantive fraud issues. Deaton expressed his dissatisfaction with the SEC's ongoing regulatory actions in X, citing several cases where cryptocurrency companies faced legal challenges and financial burdens despite not being accused of fraud. He believes that these cases have exhausted company resources and had a negative impact on the cryptocurrency industry. Deaton also pointed out several cases where companies suffered significant losses due to legal disputes with the SEC. It is worth noting that he mentioned that Ripple spent over $150 million in legal fees in a case that did not involve any fraud allegations. This situation has affected Ripple's operations, partnerships, and marketing activities, and has had an impact on XRP holders. To further illustrate the impact of SEC actions, Deaton cited the case of LBRY, which was shut down by the SEC without any fraud allegations, resulting in the unemployment and financial distress of its founder Jeremy Kauffman (losing millions of dollars due to legal fees). In addition, despite Kraken's attempt to settle by paying a $30 million fine, the platform still faces subsequent lawsuits, demonstrating the aggressive pattern of SEC regulatory behavior that undoubtedly threatens innovation and growth in the cryptocurrency industry.