Pro-XRP Lawyer Outlines Priorities Incoming SEC Chair Must Resolve for Crypto

Pro-XRP lawyer John Deaton considers four must-do requirements that the new SEC chair for the crypto industry. 

As the replacement of Gary Gensler becomes clearer ahead of the January 20 exit, Massachusetts Senate candidate John Deaton identifies four things that the next chair of the Securities and Exchange Commission (SEC). The experienced attorney considers the task list for the new chair to be cut out from the initial day in office. 

Deaton outlines the demands following news indicating that President-elect Donald Trump has settled on a nominee for the SEC head as it becomes vacant following Gensler’s resignation. 

Trump Settles on Paul Atkins to Head SEC

Donald Trump confirmed nominating Paul Atkins to succeed Gary Gensler as SEC chair. The decision on the former SEC commissioner emerged via a Truth Social post by Trump. It emerged after weeks of reporting that Atkins candidacy would emerge top for this position. 

Atkins was hesitant to accept the role, mindful of the massive efforts needed to restore the gold standard of the securities watchdog. He considered that correcting Gensler’s mess was a daunting task. He would finally accept the nomination after meeting the transition team.

The acceptance by Atkins prompted Trump to publish the Trutch Social post, announcing that he would serve as chair of the incoming administration. The nomination is a key win for the digital assets industry, which has often decried the regulatory enforcement deployed during Gensler’s tenure. 

Legal expert Deaton outlines four primary things Atkins must do to illustrate he is the ideal candidate for the chair position. 

Resolve DEBT Box Saga 

Deaton advises the SEC chair to prioritize resolving the Debt Box issue. The attorney suggests firing all individuals involved in the matter. The incident is a lawsuit the SEC leveled against crypto-affiliated firm Digital Licensing Inc., also identified as the DEBT Box. 

Deaton faults the counsel for misleading the US court to secure the Temporary Restraining Order (TRO) against the plaintiff. Consequently, the judge would dismiss the charges per the SEC’s request. The judge would rule the agency to pay $1.8M incurred by DEBT Box as legal fees. 

While some lawyers resigned from the federal agency, Deaton urges the SEC chair to sack all involved in the DEBT Box saga. 

Overhaul SEC

Deaton notes the second objective is overhauling the Commission through demotion or firing staff previously appointed into vital leadership roles by the incumbent. The attorney labels Gensler a bad-faith regulator. 

Deaton advises the incoming chair to assemble his team members carefully. Such team members should align with Donald Trump’s vision to transform the US into a global crypto capital. 

Establish Clarity for DeFi and Self-Custody

Deaton’s third demand for Atkins is expediting clarity for decentralized finance (DeFi) and self-custody beyond the Commission’s regulatory purview. Granting this clarification would yield a significant departure from Gensler’s approach, which saw the SEC classify securities tags to almost all crypto-related items. It is worth mentioning that Trump promised to safeguard the right to self-custody. Consequently, Atkins should harbor this objective as he joins the Trump administration next month. 

Disband Crypto Team 

The Republican politician urges the new chair to consider disbanding the crypto unit. The department is tasked with handling issues related to cryptocurrencies. 

Deaton dismisses the reason for establishing a dedicated unit at the agency for cryptocurrencies. Instead, he suggests the new chair establish a generate fraud team to handle all fraudulent activity from digital assets and the securities market. 

Given his publicly-known pro-Bitcoin stance, the digital assets market positively reacted to the move to nominate the SEC chair. Bitcoin is still changing hands above $100K, with the pioneering asset currently changing hands at $100,206 per CoinGecko data.