Deaton Calls for SEC Chair Resignation Amid Allegations of Political Bias

US Senate candidate John Deaton demands the resignation of SEC Chairman Gary Gensler, citing alleged political agendas compromising investor protection.

Amidst mounting allegations of political bias and compromised autonomy within the Securities and Exchange Commission (SEC), US Senate hopeful John Deaton has launched a scathing call for the resignation of SEC Chairman Gary Gensler.

In a detailed statement shared on social media platform X (formerly Twitter), Deaton accused Gensler of steering the SEC away from its core mandate of safeguarding investors’ interests. He argued that under Gensler leadership, the SEC has veered towards serving personal and political objectives, neglecting its fundamental responsibility.

Deaton particularly criticized the SEC handling of high-profile cases like the Ripple lawsuit, where regulatory actions purportedly led to significant financial losses for individual investors. He pointed to instances where judicial rulings contradicted the SEC positions, highlighting what he termed as a failure in regulatory oversight.

One notable example cited by Deaton was the legal dispute involving XRP, where a federal judge disputed the SEC’s classification of the cryptocurrency as an unregistered security. Deaton condemned the SEC’s actions, which he claims resulted in frozen assets and financial devastation for retail investors.

Furthermore, Deaton lambasted the SEC’s rejection of a Bitcoin exchange-traded fund (ETF) application, denouncing the decision as arbitrary and lacking in justification. He argued that such incidents underscore a systemic failure within the SEC under Gensler’s tenure.

In addition to criticizing Gensler’s leadership, Deaton took aim at Senator Elizabeth Warren, accusing her of leveraging her influence for political motives. He alleged collusion between Warren and Gensler, asserting that their coordinated efforts have compromised the SEC’s independence.

As the controversy surrounding the SEC’s conduct intensifies, Deaton’s demand for Gensler’s resignation underscores growing scrutiny over regulatory practices in the cryptocurrency space and beyond.

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