The US Securities and Exchange Commission (SEC) is on the agenda with calls for transformation in crypto regulations. Pro-XRP lawyer John Deaton presented four key reform proposals to the SEC’s new chairman, Paul Atkins. Deaton emphasized that the SEC must act in accordance with the principles of transparency and fairness, especially criticizing the management of previous SEC leader Gary Gensler.
Debt Box Scandal and Call for Management Reform
John Deaton said that the SEC should first fix its internal structure. On his first day in office, Deaton called on Atkins to fire some of the officials implicated in the Debt Box scandal. “As long as these people remain in office, the SEC’s credibility will be damaged. “We cannot ignore ethical violations,” he said.
Deaton evaluated this step as a fundamental beginning in the restructuring of the SEC. He also requested the establishment of stricter internal control mechanisms to prevent unethical behavior.
“Paul Atkins cannot succeed without cleaning up the SEC’s current leadership structure,” Deaton said, adding that reforms must be rapid and effective.
Cryptocurrency and Restructuring Proposal
One of Deaton’s most notable proposals was for the SEC to terminate the cryptocurrency altogether. According to him, instead of creating a separate unit, a general unit to handle fraud cases would be more effective.
“Cryptocurrency creates an unnecessary layer of bureaucracy. “This structure divides and weakens regulatory efforts,” he said. Deaton argued that the existence of the cryptocurrency increases the pressure on the industry.
Ripple $3 CEO Brad Garlinghouse also supported this proposal. Garlinghouse said he believes that under Atkins’ leadership, the SEC will make crypto regulations more open and fair. “I have no doubt that Atkins will bring transparency and balance,” he said.
A Different Approach From the Gensler Era is Required
John Deaton emphasized that the new chairman of the SEC should take a different approach than Gensler’s rigid and hostile attitude. “Atkins must pursue a policy that supports innovation while protecting investors,” Deaton said.
These calls for reform, which come after criticism of the SEC’s lack of transparency, could lead to a new direction for regulation in the crypto industry. Deaton stated that these changes will not only increase the SEC’s credibility, but also create a regulatory framework that supports innovation.
Deaton’s demands, along with Brad Garlinghouse’s support, seem to spark significant debate in the SEC’s new administration.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
