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XRP advocate lawyer John Deaton criticizes the U.S. Securities and Exchange Commission (SEC) for relying on laws established in 1933 to regulate emerging technologies like blockchain, artificial intelligence, and robotics. Deaton emphasizes that the current legal framework fails to account for the real-time information availability brought by the internet and technological advancements.
SEC and Century-Old Laws
Deaton notes that the existing disclosure laws have been in effect for over a century and were designed to address investment information asymmetries. He argues that these laws, created in an era without technologies like the internet, are ill-equipped to adapt to today’s rapid technological changes.
Deaton contends that blockchain companies face significant challenges due to these outdated crypto regulations. He states that the SEC should focus on clear and simple principles to guide the sector. Echoing Michael Saylor’s sentiments, Deaton asserts,
“It’s very simple: just don’t lie, cheat, or steal.” – John Deaton
According to John Deaton, modern investors, including individual participants, already have access to real-time information, thereby diminishing the necessity for the cumbersome disclosure rules implemented in 1933.
Views on New SEC Leadership
Deaton expresses that reformers like Brian Brooks should lead the modernization of the regulatory framework. He criticizes current and former officials for favoring vague regulations that allow selective enforcement.
“Gary Gensler, Jay Clayton, and Bob Stebbins prefer laws and regulations to be ambiguous as road rules. We need reformers like Brian Brooks and Brad Bondi.” – John Deaton
Deaton argues that the new SEC chairman should adopt a technology-focused approach. Ripple 
$2 CEO Brad Garlinghouse also voiced concerns about Bob Stebbins’ candidacy, citing his past regulatory actions as being misaligned.
Garlinghouse warned that Stebbins’ appointment could lead to the continuation of enforcement-driven policies. Both Deaton and Garlinghouse call for the SEC to adopt a more transparent and clear regulatory approach that supports the blockchain industry.
To ensure sustainable growth of crypto assets, the regulatory framework must be updated to keep pace with technological advancements. Deaton and his supporters emphasize that the SEC needs to develop policies aligned with innovative technologies.
