John Deaton’s Four Key Proposals for Paul Atkins to Revamp SEC Leadership

News

  • John Deaton called for firing SEC officials linked to past misconduct, including cases like the Debt Box controversy.
  • Deaton proposed replacing the SEC’s crypto unit with a general fraud unit to reduce overreach and improve regulatory focus.
  • The proposed reforms include defining the SEC’s jurisdiction to exclude DeFi and self-custody for blockchain innovation.

John Deaton, a prominent attorney and pro-XRP advocate, has detailed four critical reforms he believes are necessary for the U.S. Securities and Exchange Commission (SEC). These proposals, directed at incoming SEC Chair Paul Atkins, aim to improve regulatory practices in the cryptocurrency sector. Deaton emphasized immediate actions to address transparency issues and operational inefficiencies within the agency, particularly those affecting the digital asset industry.

Call for Staff Overhaul

Deaton urged Paul Atkins through his official X account to begin his tenure by addressing personnel misconduct during Gary Gensler’s leadership. He called for the termination of SEC staff implicated in cases like the Debt Box controversy. According to Deaton, removing such individuals would be a significant step toward accountability. He stated that retaining these officials would hinder progress under new leadership.

Proposal to Dissolve the SEC Crypto Unit

The attorney advocated for dismantling the SEC’s crypto unit, suggesting it be replaced by a general fraud unit. Deaton argued that a specialized crypto unit contributes to overreach and inefficiency. He proposed a structure where all fraud cases, regardless of industry, are handled under a unified framework. This approach, Deaton explained, would streamline regulatory efforts and reduce unnecessary scrutiny on cryptocurrency projects.

Clarification on DeFi and Self-Custody Jurisdiction

Deaton emphasized the importance of clarifying the SEC’s control over decentralized finance (DeFi) and the self-custody of digital assets. He recommended that the new leadership explicitly state that these areas should not fall under the SEC’s regulatory purview. This step, he noted, would provide clearer boundaries for innovation in the blockchain sector.

Support for Balanced Leadership

Ripple CEO Brad Garlinghouse expressed support for Atkins’ leadership, reflecting Deaton’s calls for regulatory transparency. Garlinghouse stressed the need for a less adversarial approach to the cryptocurrency industry. He also supported the push for clearer guidelines, which would foster innovation while ensuring investor protection.

The post John Deaton’s Four Key Proposals for Paul Atkins to Revamp SEC Leadership appeared first on Crypto News Land.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply