John Deaton, an attorney representing 75,000 XRP holders, has publicly criticized Senator Elizabeth Warren and SEC Chair Gary Gensler, accusing them of corruption and malfeasance in their oversight of the U.S. Securities and Exchange Commission (SEC). 

Deaton’s accusations stem from what he perceives as Senator Warren’s failure to uphold her oversight responsibilities and her tendency to blame cryptocurrency for these shortcomings.

John Deaton Criticizes Senator Warren’s Anti-Crypto Bill Amid Market Upswing

John Deaton, a prominent figure in the crypto community, has voiced strong objections to Senator Elizabeth Warren’s involvement in introducing the Digital Asset Anti-Money Laundering Act.

This bipartisan bill, garnering increasing support from other senators, seeks to address a range of illicit financial activities in the crypto space, including money laundering, ransomware attacks, and elder fraud.

Deaton’s concerns are not just about the bill itself, but also about its timing and the senators rallying behind it. He notes that although Senator Warren’s previous bills have not been passed, this particular legislation coincides with a period where crypto market bulls are driving prices higher.

This situation has amplified the crypto community’s backlash against Senator Warren, highlighting the tension between legislative efforts to regulate digital assets and the community’s desire for a less restrictive approach.

Deaton Accuses Warren of Overlooking SEC Corruption in Bid to Expand Government Control

On November 12, Deaton criticized Senator Warren for allegedly disregarding corruption within the SEC. He attributed this to her aim of increasing government intervention in the crypto sector. 

Deaton argued that the joint efforts of Warren and SEC Chair Gary Gensler to regulate cryptocurrencies have adversely impacted investors.

He added, “As long as her pal Gary Gensler does her bidding related to crypto, she turns a blind eye to real corruption.” Deaton expressed his belief that personal motives are driving the apparent lack of proper oversight over the SEC.

Warren Escalates Criticism of Crypto, Linking It to Bank Failures and International Conflicts

Senator Elizabeth Warren has been vocal in her criticism of cryptocurrencies, often linking them to various societal and financial issues. Earlier this year, she attributed bank failures to the influence of cryptocurrencies and suggested their involvement in what she perceives as Operation Choke Point 2.0.

Warren’s stance has extended to international conflicts as well; she implicated cryptocurrencies in the Israel-Hamas conflict and advocated for severing the connections between cryptocurrencies and Wall Street.

These actions demonstrate her consistent approach in holding cryptocurrencies accountable for a range of problems, despite concerns within the crypto industry that such views may not fully address the complexities and potential benefits of digital currencies.