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John Deaton, Managing Partner at Deaton Law Firm and a candidate for the Massachusetts Senate, recently shared his thoughts on SEC Chair Gary Gensler’s comments about cryptocurrency regulation. In a previous interview, Gensler had stated that enforcement actions against crypto leaders, including Sam Bankman-Fried, are necessary to build trust in the sector and protect investors.
In an interview with David Lin, Deaton disagreed with Gensler’s approach. He pointed out that prominent figures like Mark Cuban and Anthony Scaramucci have criticized Gensler, calling him a “bad actor” and a “bad-faith regulator.” Deaton said that Gensler has avoided meetings with key industry leaders while having secret discussions with Bankman-Fried, which raises questions about his transparency.
“This is a guy who refused to meet with Brian Armstrong or Brad Garlinghouse or Jesse Powell while he was secretly meeting with SPF several times, and he’s never been questioned. He hasn’t released the notes of that. I’m someone who’s been arguing for smart, tailored regulations of crypto. I am not an anti-regulation guy when it comes to crypto. I think regulation and regulatory clarity are what have held Bitcoin and crypto back,” he said.
Deaton’s Desire for ‘Crypto Reset’
While Deaton is not against regulation, he advocates for more sensible and modern rules for the crypto space. He believes that outdated laws from the 1930s are being applied to today’s technology, such as blockchain and artificial intelligence, creating confusion and driving people to seek opportunities in less regulated environments.
Deaton expressed hope for change, mentioning that both Vice President Kamala Harris and Donald Trump have signaled a desire for a “crypto reset” in the U.S. He supports the idea of adopting new technologies rather than banning them.
