John Deaton Attacks SEC Chairman Gary Gensler’s Takes on Bitcoin

John Deaton, founder and host of CryptoLaw, recently made an appearance on FOX Business to discuss cryptocurrencies. Deaton provided some commentary on SEC Chairman Gary Gensler’s definition of Bitcoin as a commodity, rather than a security.

According to Deaton, Gensler was quoted as saying that Bitcoin is the only cryptocurrency that he is ready to categorically reject as being a security. Deaton, however, considers this completely incorrect. He added that ‘not a professional bureaucratic hack but a Court’ makes the decision as to whether or not anything is a security.

Deaton believes that the reason Gensler is saying that is because the SEC Chair prefers for there to be vagueness in regulatory uncertainties because it allows him prosecutorial options for him to engage in regulations by enforcement. This is what Deaton believes the reason for Gensler’s statement to be.

He went on to claim that Gensler likes to govern with uncertainty, thus he does not want to spell out explicit criteria/guidelines that would make it simpler for businesses and entrepreneurs to comply with them.

In addition, Deaton makes the prediction that Gensler will file a lawsuit against one or more cryptocurrency exchanges before the end of this year, alleging that the exchanges are selling unregistered securities other than bitcoin. The conduct of Gensler, as described by Deaton, is not only unjust; rather, it is reprehensibly offensive.

Furthermore, just a few days ago, Deaton touched down on the infamous SEC vs. Ripple lawsuit. The lawyer said that recent market occurrences have proved that the price of XRP is unaffected by Ripple and its blockchain enterprise, but instead by Bitcoin.