Pro-XRP attorney John Deaton has strongly supported Paul Atkins in replacing Gary Gensler as the next Chair of the U.S. Securities and Exchange Commission (SEC). Deaton, a vocal critic of Gensler’s leadership, believes the current SEC chairperson has imposed harsh and often opaque policies that have stifled innovation, particularly within the cryptocurrency industry.
Deaton’s endorsement of Atkins comes after rumors surfaced suggesting that President-elect Donald Trump may consider Atkins for the role following Gensler’s anticipated resignation in 2025. In a post on X (formerly Twitter) on November 28, Deaton expressed optimism that Atkins could usher in a new era of transparency at the SEC.
He also demonstrated how Atkins may be suited to lead change efforts that align with other industry objectives that Elon Musk and Vivek Ramaswamy call for under the Department Of Government Efficiency (DOGE).
Also Read: John Deaton Supports Brad Bondi for SEC Chair Amid Gensler Exit Speculation
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Atkins’ Qualifications and Deaton’s Vision for SEC Reform
Atkins is widely regarded as a seasoned figure in financial regulation, with extensive experience working with two former SEC Chairs, Richard C. Breeden and Arthur Levitt. Atkins also served as an SEC Commissioner under President George W. Bush, further bolstering his credentials. This wealth of experience has positioned him as a leading candidate for the role, with growing anticipation surrounding his possible appointment.
Deaton’s criticism of the SEC has been focused on what he perceives as the agency’s lack of clear guidance for the crypto sector. He has accused the SEC of hindering innovation by engaging in “regulation by enforcement” rather than providing transparent and proactive rules. In his view, SEC lawyers have targeted crypto firms and smaller businesses unfairly, engaging in unethical practices. According to Deaton, these actions have significantly slowed industry growth and discouraged potential investors and innovators from entering the space.
Despite this criticism, Deaton has hoped that the next SEC Chair, Atkins, Brad Bondi, or Brian Brooks, will lead significant reforms. He emphasized that the next leader should overhaul the agency’s operations and bring greater transparency to its decision-making process. Deaton stressed the need for a shift in direction at the SEC, with the new chair taking a more balanced and ethical approach to regulation.
The push for reform has become more urgent as the crypto industry faces regulatory uncertainty. The outcome of this leadership change at the SEC could have a lasting impact on the direction of U.S. financial regulation and its approach to emerging technologies like blockchain and cryptocurrency.
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.