Both John Deaton and Brad Garlinghouse believe a repeat of Gary Gensler’s leadership could further politicize crypto regulation in the United States.
Pro XRP attorney John Deaton has expressed agreement with recent comments from Brad Garlinghouse, stating that the United States cannot afford a repeat of the period under Gary Gensler, who previously led the U.S. Securities and Exchange Commission.
In a post explaining his position, Deaton argued that the regulatory clarity the crypto sector has gained could easily be reversed under a new administration. He emphasized that the only way to secure long term stability is through the passage of crypto friendly laws.
Ripple CEO Raises Concerns About Crypto Policy in the U.S.
Deaton’s stance reflects similar concerns raised by Garlinghouse during a recent appearance on Fox Business, hosted by Maria Bartiromo. During the interview, the Ripple CEO warned against using crypto regulation as a political tool.
Garlinghouse said the previous administration’s approach to crypto regulation lacked logic. He compared attempts to regulate the emerging industry to trying to control email technology, suggesting such actions could hinder innovation. Rather than focusing on clear and structured rulemaking, he criticized regulators for relying on legal action against crypto firms, which pushed many companies to relocate operations outside the United States.
He stressed that avoiding another period like the one under Gensler is essential to fostering an environment where innovations such as blockchain can grow. According to Garlinghouse, recent developments under the current administration have improved regulatory clarity around digital assets.
He pointed to recent guidance from the SEC indicating that most crypto assets are not classified as securities as a positive step. However, he believes more progress is needed. He highlighted the importance of turning proposals like the Digital Asset Market Clarity Act into law to prevent future regulatory uncertainty. Garlinghouse expects this legislation to be finalized soon, slightly later than his earlier timeline.
Deaton Supports Push for Clear Legislation
Supporting Garlinghouse’s perspective, Deaton noted that while the proposed clarity legislation could encourage greater participation from major financial institutions and banks, he remains cautious about their influence. He argued that banks often rely on long standing political connections to shape policy in their favor.
He pointed to how policymakers have handled issues related to stablecoin yields as an example of this influence. Despite these concerns, Deaton maintained that the possibility of another leadership period like Gensler’s should motivate lawmakers to move quickly in passing clear and lasting crypto regulations.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
