Let alone the crypto market, the financial industry has been buzzing with activity since Elon Musk’s DOGE revealed an audit into the US Securities and Exchange Commission (SEC). Recent market debates have resulted from the Department of Government Efficiency (D.O.G.E.) announcing a review of the US SEC for “waste, fraud, and abuse.”. To add to the buzz, XRP attorney John Deaton has supported Musk and the division, notably from the market players.
Meanwhile, XRP lawyer John Deaton is a well-known figure in the crypto industry, mainly because of his role in the Ripple vs. SEC Audit DOGE Deaton XRP lawsuit. He also sought election to the US Senate (Republican Party) to represent Massachusetts against Elizabeth Warren, a candidate many consider an anti-crypto regulator. Still, he lost the race to Warren.
John Deaton Backs Musk’s DOGE, Ignites Crypto Buzz
Renowned cryptocurrency entrepreneur John Deaton, an XRP lawyer, has openly supported Elon Musk’s most recent DOGE project. Deaton, instrumental in the Ripple vs. SEC lawsuit, has embraced social media to share his knowledge. In a most recent X post, Deaton said:
His remarks have generated many responses; crypto aficionados welcome his participation in the SEC probe. Former Ripple executive Sean McBride praised the most recent action taken by the XRP counsel, which generated market conversations.
DOGE SEC Seeks Public Support in SEC Investigation
The recently established X account “DOGE SEC” has aggressively solicited public help in compiling proof against the regulating body. Under an open call, the account displayed:
Renowned people in the field have supported our action. Investigative writer Laura Loomer advised the investigation to start with former SEC Audit DOGE Deaton XRP official Bill Hinman, whose actions continue under investigation. Reacting to it, XRP attorney Bill Morgan agreed with her and said it was the “perfect place to start.”
SEC Criticized Over XRP Case and Alleged Misconduct
The SEC’s handling of key cases has been criticized, notably in the XRP litigation. The agency deleted 201 records about its correspondence with JPMorgan on XRP and Ripple. Ripple’s Chief Legal Officer, Stuart Alderoty, previously stated, “I have the receipts,” indicating evidence of possible US SEC misconduct.
This has also spurred debates about whether the most recent investigation will terminate the continuous Ripple vs. SEC case. Notably, a top XRP lawyer has recently commented on the potential impact of the Ripple lawsuit on the XRP HODLers ETF approval process, which has gained immense attention from market watchers.
Meanwhile, Coinbase’s Chief Legal Officer, Paul Grewal, also weighed in, suggesting that those who successfully defend themselves against SEC lawsuits should be reimbursed for legal fees. Meanwhile, critics have called for a closer look at the “ETH Gate” controversy, which alleges that the SEC gave preferential treatment to Ethereum while targeting other crypto firms.
Final thoughts
With the Dogecoin Price Initiative gaining traction and XRP lawyer John Deaton lending his legal expertise, pressure is mounting on the US SEC to address its controversial actions. Supported by XRP attorney John Deaton, Elon Musk’s DOGE project fuels mounting criticism of the SEC.
Supported by those calling out problems, including bias toward Ethereum and misbehavior in the Ripple litigation, the DOGE advocates an audit of the SEC. Deaton’s participation has highlighted the dubious activities of the SEC, including record deletions about XRP. The crypto community is calling for reform; hence, the results of these studies could influence following industry regulations. The matter is still delicate while the ripple case is in progress.
