Main navigation

Ripple Pro Lawyer John Deaton's Crypto Prediction Sparks Concern

Sun, 01/29/2023 - 13:19
article image
Tomiwabold Olajide
Ripple pro lawyer John Deaton issues dire crypto forecast
Ripple Pro Lawyer John Deaton's Crypto Prediction Sparks Concern
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

CryptoLaw founder John Deaton believes that the final and most aggressive push to shut down crypto might soon be witnessed in the wake of the White House's statement on mitigating risks associated with cryptocurrencies.

"We will soon witness the final and most aggressive push to shut down crypto," Deaton wrote.

The White House published a statement titled "The Administration's Roadmap to Mitigate Cryptocurrency Risks" on Jan. 27.

The statement reads:

"We have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has."

The legislative guidance provided by the administration called on the U.S. Congress to step up its efforts.

"For example, Congress should expand regulators' powers to prevent misuses of customers' assets—which hurt investors and distort prices—and to mitigate conflicts of interest," the document further stated.

SEC seeks to expand its claim of authority

The United States Securities and Exchange Commission (SEC) has increased its clampdown on the cryptocurrency market under the leadership of chair Gary Gensler, who was appointed to the post in April 2021.

As it is, the SEC is attempting to broaden its claim of authority, as Gensler has repeatedly stated that the agency intends to be the primary regulator of the U.S. crypto market.

Gensler believes that nearly any other crypto token aside from Bitcoin could be a security, and has pursued some recent actions.

Ripple is currently in the midst of a legal battle with the SEC, which alleges that the $1.3 billion sale of XRP constituted an unregistered security offering.

Ripple Unveils Crypto Utility Focus for 2023, XRP Price in Green: Details

Ripple executives expressed their views on cryptocurrency regulation at the start of the year. Among these, General Counsel Stu Alderoty anticipates the judge's ruling in Ripple's SEC lawsuit in the first half of 2023 — and one that is favorable to Ripple.

He believes this will be the catalyst needed to push the U.S. crypto industry forward and to stop businesses from offshoring their crypto work.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.