{"id":101300,"date":"2024-11-25T19:41:59","date_gmt":"2024-11-25T23:41:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=101300"},"modified":"2024-11-25T19:42:33","modified_gmt":"2024-11-25T23:42:33","slug":"john-deaton-slam-gary-gensler-for-ties-with-sbf","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/john-deaton-slam-gary-gensler-for-ties-with-sbf\/","title":{"rendered":"John Deaton Slams Gary Gensler For Ties With Sam Bankman-Fried"},"content":{"rendered":"\n

Pro-XRP lawyer John Deaton calls out\u00a0SEC's Gary Gensler<\/a> for ties to FTX's SBF as\u00a0SEC secures $8.2 billion in FY2024 remedies.<\/p>\n\n\n\n

\"John<\/figure>\n\n\n\n

Pro-XRP attorney John Deaton has raised questions about the connection between U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler and FTX founder Sam Bankman-Fried (SBF). <\/p>\n\n\n\n

Deaton\u2019s remarks were prompted by the SEC\u2019s announcement of record-breaking financial penalties during its fiscal year 2024 enforcement activities.<\/p>\n\n\n\n

John Deaton Accuses SEC of Favoritism Toward Sam Bankman-Fried<\/h2>\n\n\n\n

In a recent post on X\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Deaton criticized Gensler for holding private meetings with FTX\u2019s Sam Bankman-Fried while reportedly denying similar access to U.S.-based crypto leaders, such as Coinbase CEO Brian Armstrong and Kraken\u2019s Jesse Powell. According to Deaton, this behavior reflects favoritism by the SEC.<\/p>\n\n\n\n

Deaton also highlighted the $10 million in political contributions made by Bankman-Fried, suggesting this financial influence might have facilitated FTX\u2019s involvement in regulatory discussions. <\/p>\n\n\n\n

He argued that this connection likely influenced the SEC\u2019s favorable treatment of the offshore crypto exchange.<\/p>\n\n\n\n

Deaton\u2019s criticism comes as Gensler announced he will step down as SEC Chair on January 20, 2025, coinciding with Donald Trump\u2019s inauguration as the 47th President of the United States. <\/p>\n\n\n\n

The resignation was confirmed in an SEC press release and by Gensler himself in a post on X.<\/p>\n\n\n\n

SEC Secures Record $8.2 Billion in Financial Penalties<\/h2>\n\n\n\n

The SEC reported<\/use><\/svg><\/span><\/a> $8.2 billion in financial remedies for fiscal year 2024, marking the largest amount in its history. <\/p>\n\n\n\n

However, the agency also noted a 26% decline in total enforcement actions compared to the previous fiscal year, filing 583 cases. Of these, 431 were \u201cstand-alone\u201d actions, representing a 14% drop from 2023.<\/p>\n\n\n\n

Significantly, $4.6 billion of the financial recoveries came from the SEC\u2019s case against Terraform Labs and its founder, Do Kwon. This judgment accounted for over half of the year\u2019s total financial remedies.<\/p>\n\n\n\n

Calls for Regulatory Reform<\/h2>\n\n\n\n

Deaton has used the SEC\u2019s recent enforcement actions to renew his push for regulatory reform<\/a>. He argued that the agency relies on outdated laws to govern emerging technologies like blockchain.<\/p>\n\n\n\n

Following Gensler\u2019s announced resignation, Deaton has endorsed Brad Bondi as a potential successor. <\/p>\n\n\n\n

He emphasized the importance of having leadership that will establish \u201ca clear and fair regulatory framework\u201d to encourage innovation in the blockchain industry.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pro-XRP lawyer John Deaton calls out\u00a0SEC’s Gary Gensler for ties to FTX’s SBF as\u00a0SEC secures $8.2 billion in FY2024 remedies. Pro-XRP attorney John Deaton has raised questions about the connection between U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler and FTX founder Sam Bankman-Fried (SBF). Deaton\u2019s remarks were prompted by the SEC\u2019s announcement of […]<\/p>\n","protected":false},"author":56,"featured_media":101303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1920,14608,4288],"class_list":["post-101300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-gary-gensler","tag-john-deaton","tag-us-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/John-Deaton-Slams-Gary-Gensler-For-Ties-With-Sam-Bankman-Fried.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/101300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=101300"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/101300\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/101303"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=101300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=101300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=101300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}