Attorney and XRP supporter John Deaton thinks the actions of U.S. Securities and Exchange Commission (SEC) chair Gary Gensler could cause the crypto markets to crash by another 50%.
Deaton says on Twitter that he first argued six months ago that Gensler might sue a major crypto exchange.
“I believe it even more today because it could cause another 50% crash. Then incumbents take a larger share.”
Deaton says Gensler has been coming after crypto for two years, pointing to the fact that the SEC nearly doubled the size of its Enforcement Division’s Crypto Assets and Cyber Unit under his leadership.
Deaton claims the SEC is bankrupt crypto lending platform BlockFi’s second-largest creditor, though a bankruptcy filing actually indicates the regulator is BlockFi’s fourth-largest creditor. The SEC has a $30 million unsecured claim against the company.
Says Deaton,
“That fact alone speaks volumes regarding intent. Ask yourself what registration requirements were implemented with the $100 million BlockFi settlement? How did it improve industry practices?”
The attorney has played an active role in the ongoing SEC lawsuit against the San Francisco payments company Ripple. Deaton has filed an amicus brief on behalf of XRP supporters in opposition to the regulator’s motion for summary judgment in that case.
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