Crypto lawyer accuses SEC Chair of prioritizing political ambitions over retail investors’ interests.

Allegations point to timed SEC lawsuits coinciding with scheduled Congressional hearings on crypto regulations.

Chart analysis reveals six instances that emerged in 2023.

Prominent crypto lawyer John Deaton accused Securities and Exchange Commissions’ (SEC) Chair Gary Gensler of prioritizing political ambitions over the interests of retail investors. Deaton’s allegations come amid emerging patterns of timed SEC lawsuits coinciding with scheduled Congressional hearings on crypto regulations.

@GaryGensler is a politician before he is anything else. All he cares about is serving the @ewarren’s of the world so that he can get a higher position in government. Not only does he not care about retail investors, I believe he has genuine contempt for retail investors. https://t.co/mRjV2QM8uE — John E Deaton (@JohnEDeaton1) August 2, 2023

Deaton, a vocal advocate for fair crypto regulation, didn’t mince his words when he referred to Gensler as a politician primarily focused on catering to the ‘anti-crypto army’ to further his own career in government. While pointing to a chart displaying a timeline of SEC actions alongside Congressional events, Deaton stated:

Not only does he not care about retail investors, I believe he has genuine contempt for retail investors.

The Securities and Exchange Commission (SEC) has come under scrutiny as a pattern of timed crypto-related announcements emerged in 2023. The chart analysis reveals at least six instances where the SEC made significant lawsuits, Wells Notices, and public statements to coincide with scheduled legislative hearings in Congress.

One notable instance occurred in early June when the House Agriculture Committee held a hearing on “The Future of Digital Assets,” aimed at identifying regulatory gaps. On that same morning, the SEC filed a comprehensive complaint against Coinbase, followed shortly after by a lawsuit against Binance, the industry’s largest exchange. As expected, this led to significant attention on the SEC lawsuits during the hearing, overshadowing discussions on the alleged regulatory gap.

Jeff Roberts, the writer who featured the chart, criticized Gensler’s media tactics, accusing him of deflecting attention away from important crypto-related legislative proposals in Congress, thereby directing the spotlight onto the SEC itself.

This is not the first time Deaton has openly criticized Gensler and the SEC’s anti-crypto stance. Previously, he questioned the SEC Chair’s views on crypto tokens and accused him of possibly misleading the public and “ignoring the law.” Furthermore, on June 8, he labeled Gensler a “bully” and claimed that he seeks to display his intelligence in every situation.