In a recent tweet, John Deaton, the renowned legal expert representing XRP, has referenced an older interview with Gary Gensler, where the latter’s response to a question is being criticised by the community. Deaton criticized Gensler for his apparent disregard for the law, emphasizing that when referring to “Any Court,” it encompasses even the Supreme Court, which is considered the highest legal authority in the United States.
Deaton accused Gensler and others like him of inherent arrogance and the belief that they are beyond legal constraints, ultimately labelling Gensler as a real-life example of a megalomaniac.
Just watch his reaction to the question posed. “Any Court” includes the Supreme Court – the Supreme Law of the Land. These people are so inherently arrogant they think they are above the law.
— John E Deaton (@JohnEDeaton1) September 21, 2023
Let me introduce everyone to a real life example of a megalomaniac: @GaryGensler. https://t.co/STdNrBWvaP
According to Gensler, crypto platforms are just one class of intermediaries that must abide by the law. However, some platforms have already stated that they run the risk of leaving the US market.
In a testimony before the House Financial Services Committee held in April, Chairman Gary said that the agency would continue to insist that crypto platforms comply with the strict laws imposed, as anticipated by the community. This unwavering statement of Gary faced criticism from the committee’s Chairman, Patrick McHenry.
McHenry expressed concerns that Gensler’s aggressive regulatory approach could drive these companies away from the United States, which could stifle innovation within the cryptocurrency sector. It’s worth noting that Gensler, who currently classifies digital assets as “highly speculative” and claims not to have owned any, held a less drastic position on the blockchain industry when he assumed his role as SEC Chairman, displaying initial intrigue about the crypto sector.
Critics argued that the SEC’s actions against crypto exchanges, as voiced during the committee testimony, have already weakened and are expected to further erode America’s standing as a hub for blockchain innovation. The outcome of this regulatory struggle will likely have profound implications for the future of the crypto industry in the United States.
Recently, John Deaton referred to Gensler as a “bad faith regulator” also suggesting that the Biden administration might eventually see Gensler as a political liability. Earlier when Gensler served as the Chairman of the Commodity Futures Trading Commission (CFTC), Deaton had also argued that he disregarded the needs of common people and that this behaviour has continued in his current role.
