Is the SEC Shifting to a Softer Stance on Cryptocurrencies? Comments from pro-XRP lawyers

TL;DR

• U.S. Attorney John E. Deaton noted a possible shift in the SEC’s stance toward the cryptocurrency industry, especially after it failed to use the recent fake BTC ETF news to criticize the sector.
• Previously, SEC Chairman Gary Gensler often associated cryptocurrencies with negative activity. Deaton suspects that Gensler’s behavior may be influenced by the opinions of major institutions.
• Despite the rumor that the SEC approved BlackRock’s BTC ETF application, which caused the price to rise, the approval was false. Deaton expressed more confidence in the judges overseeing the SEC than in the agency itself.

The SEC appears to be different

John E. Deaton – a US attorney representing thousands of Ripple investors in the lawsuit against Ripple – supposed that the US Securities and Exchange Commission (SEC) may have changed its stance towards the cryptocurrency industry. He based his theory on the fact that the agency did not use the fake BTC ETF news that circulated earlier this week as an opportunity to denigrate the digital asset sector.

Deaton recalled that this was not the case in the past, when SEC Chairman Gary Gensler criticized cryptocurrencies every time he had this opportunity, linking them to the financing of terrorism and criminal activities.

“I could be wrong, but I attribute it to the court loss combined with the influence of Larry Fink. Gensler only cares about what the big incumbent donors, I mean institutions, think.”

The lawyer’s opinion of the SEC’s watered-down approach is consistent with that shared by Scott Melker, better known as “The Wolf of All Streets.” The latter argued A recent X post (Twitter) states that the approval of a spot Bitcoin ETF is imminent as “the language and tone have changed.”

Deaton’s previous reaction to the SEC

The recent news on October 16 that the US Securities and Exchange Commission has finally approved BlackRock’s application to launch a spot BTC ETF in the US created excitement in the crypto space while the entire market lit up green. The price of the primary digital asset, for example, rose over 10% in a matter of minutes to as much as $29,500 (per CoinGecko).

Nevertheless, the joy was short-lived as it turned out that there was no such official approval. The SEC also got involved, saying People should not trust everything they read on the Internet and verify information against original sources.

Deaton contradicted the statement, claiming that independent judges overseeing the watchdog are more trustworthy than the agency itself. He then claimed that an appeals court had found the SEC “arbitrary and capricious”:

“Finally, a federal judge in SDNY called the SEC lawyers hypocrites and said they lacked faithful loyalty to the law. So when it comes to the SEC, I prefer to listen to the judges. And boy, do they talk loud.

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