Pro-Crypto Lawyer Wants to Testify

Key Takeaways

• Crypto advocate and lawyer John Deaton has volunteered to testify at a congressional hearing on digital assets.
• The House Financial Services Committee’s subcommittee has scheduled a digital asset hearing for January 10.
• The hearing will delve into the Financial Stability Oversight Council’s framework on innovation, especially in the crypto sector.

John Deaton, a lawyer recognized for defending the interests of cryptocurrency investors, has offered  to testify at a congressional hearing focused on digital assets.

Deaton, notable for his role as amicus counsel for more than 75,000 XRP holders in the Ripple lawsuit and his involvement in the LBRY.com case, indicated his readiness to contribute to the upcoming congressional discussion.

John Deaton to Testify at Crypto Hearing, Criticizes SEC’s Approach

The House Financial Services Committee’s Digital Assets, Financial Technology, and Inclusion Subcommittee has scheduled a hearing  on digital assets for January 10. Deaton’s proposal to testify at this hearing arises from his experience in legal cases related to cryptocurrencies.

In a post on Twitter, he underscored his distinct role in championing the rights of individual token holders, differentiating himself from representatives of cryptocurrency companies. In a tweet, Deaton challenged SEC Chairman Gary Gensler’s methods of investor protection and highlighted the contradictory nature of the SEC’s proceedings against Coinbase.

Crypto Investors’ Concerns Spotlighted in Upcoming Hearing

Deaton’s position reflects a broader sentiment among cryptocurrency enthusiasts who believe their interests are overlooked in regulatory debates. The forthcoming hearing is set to concentrate on the Financial Stability Oversight Council’s (FSOC) evolving framework for innovation.

The FSOC has recently underscored the urgency for Congress to implement laws to manage risks related to cryptocurrencies. This includes the essential task of defining and regulating crypto spot markets and stablecoins. In its most recent report, the Council drew attention to persistent issues in the crypto market, such as price instability, excessive leverage, and cybersecurity threats.

Shaping Future of Crypto Sector

The framework set by the FSOC is vital for shaping the regulatory landscape for financial institutions, including those within the cryptocurrency sector. The hearing  should illuminate the potential consequences these regulatory adjustments might have on innovation in digital assets.

The hearing could offer a more comprehensive understanding of how regulation affects different participants in the cryptocurrency ecosystem.

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

See more

[email protected] LinkedIn Twitter