Pro-XRP Attorney and Ripple CEO Agree US Can’t Buy Another Minute of Gary Gensler

Both Deaton and Garlinghouse agree that some of Gensler’s experience could lead to the use of additional weapons of crypto policy in the US.

XRP attorney John Deaton has agreed with the recent words of Ripple CEO Brad Garlinghouse that the United States cannot afford another Gary Gensler experience. He was the former chairman of the US Securities and Exchange Commission (SEC).

In a tweet explaining his opinion, Deaton stressed that all the guidance and clarity the crypto industry has gained so far could be removed if a new administration takes over. According to a pro-crypto advocate, the only way to ensure this doesn’t happen is to pass crypto-friendly legislation.

Ripple CEO on US Weaponization of Crypto Policy

Deaton’s words echo those of Garlinghouse, who over the weekend was a guest on the Fox Business morning show hosted by Maria Bartiromo. During the interview, the Ripple official warned against the use of crypto policy weapons in the United States.

Garlinghouse revealed that the Biden administration’s war on crypto didn’t make sense to him. He likened their approach to controlling the emerging industry to email warfare — a move that could have a major impact on digital innovation. Instead of regulatory bodies such as the SEC engaging in “presumptive rulemaking,” they started “law enforcement” and simply sued crypto companies. In response to this attack, many companies went abroad.

Ripple’s CEO believes that the US must prevent another Gensler moment to create an environment conducive to new ideas, such as blockchain technology, in order to succeed. So far, the Trump administration has improved transparency about the regulation of digital assets.

Two weeks ago, the SEC clarified that most crypto assets are not securities, and this is a big step in the right direction, Garlinghouse emphasizes further. Codifying bills like the Digital Assets Market Clarity Act (CLARITY Act) into law will help ensure that Gensler is not second-guessed. Garlinghouse sees the CLARITY Act being drafted in May, 30 days later than he originally predicted.

Deaton Agrees With Garlinghouse

Supporting Garlinghouse’s views, Deaton added that although the CLARITY Act could open the door for large financial institutions and banks to depend on the crypto industry, he still considers these organizations to be predators. This is because the banks have “captured career politicians” to do their bidding.

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“Look at how those politicians protected the banks over the yields associated with stablecoins in the Clarity Act,” the lawyer said.

Still, Deaton believes the mere thought of installing another Gensler as SEC chairman should force a deal that could lead to the codification of the CLARITY Act as soon as possible.