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The U.S. Securities and Exchange Commission (SEC) is in the spotlight with calls for reform in cryptocurrency regulations. Pro-XRP attorney John Deaton presented four essential reform proposals to the new SEC chairman, Paul Atkins. Deaton emphasized that the SEC must adhere to principles of transparency and fairness, particularly criticizing the tenure of former SEC chairman Gary Gensler.
Debt Box Scandal and Call for Management Reform
Deaton stated that the SEC must first correct its internal structure. He urged Atkins to remove officials implicated in the Debt Box scandal on his first day in office. “As long as these individuals remain in their positions, the SEC’s credibility will be compromised. We cannot overlook ethical violations,” he said.
Deaton considers this step a fundamental starting point for restructuring the SEC. He also called for tighter internal oversight mechanisms to prevent unethical behavior.
“Paul Atkins cannot achieve success without cleaning up the current leadership structure of the SEC,” Deaton asserted, noting that reforms must be swift and effective.
Proposal for Crypto Unit and Restructuring
One of Deaton’s most notable proposals was to dissolve the SEC’s cryptocurrency unit entirely. According to him, a general unit addressing fraud cases would be more effective than having a separate division.
“The cryptocurrency unit creates an unnecessary layer of bureaucracy that undermines regulatory efforts,” he stated. Deaton argued that the existence of this unit increases pressure on the industry.
Ripple 
$2 CEO Brad Garlinghouse also supported this proposal, expressing confidence that under Atkins’ leadership, the SEC would make cryptocurrency regulations more transparent and fair. “I have no doubt that Atkins will bring transparency and balance,” he said.
Deaton stressed that the new SEC chairman must adopt an approach different from Gensler’s rigid and hostile stance. “Atkins should implement a policy that supports innovation while protecting investors,” he said.
These calls for reform, following criticism of the SEC’s lack of transparency, could potentially steer a new direction in regulations for the cryptocurrency industry. Deaton believes these changes will not only enhance the SEC’s credibility but also establish a regulatory framework that supports innovation.
