lawyer and XRP Supporter John Deaton believes the actions of US Securities and Exchange Commission (SEC) Chairman Gary Gensler could send crypto markets tumbling by another 50%.
deaton He says on Twitter that he first argued six months ago that Gensler could sue a major crypto exchange.
โI believe it even more today because it could cause another 50% collapse. Then the incumbents take a bigger part."
Deaton says Gensler has been going after crypto for two years, pointing to the fact that the SEC almost doubled the size of the Crypto and Cyber โโAssets Unit of his Compliance Division under his leadership.
Deaton claims the SEC is the second-largest creditor of bankrupt crypto lending platform BlockFi, though a bankruptcy it actually indicates that the regulator is BlockFi's fourth largest creditor. The SEC has a $30 million unsecured claim against the company.
He says Deaton,
โThat fact alone says a lot about intent. Ask yourself what registration requirements were put in place with the $100 million BlockFi deal. How did it improve industry practices?โ
The attorney has played an active role in the SEC's ongoing lawsuit against San Francisco payment company Ripple. Deaton has filed a brief amicus curiae on behalf of XRP supporters in opposition to the regulator's motion for summary judgment in that case.
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