John Deaton, the attorney representing over 75,000 XRP holders in the Ripple vs. SEC, expressed strong opinions about President-Donald Trump’s appointment of Paul Atkins as the new Chairman of the US Securities and Exchange Commission (SEC). Deaton took to X to outline four critical actions he believes Atkins must take immediately upon taking office.
If Paul Atkins doesn’t fire, or at least demote, certain people and completely dismantle – that is, remove – the crypto unit, he is not the right candidate. Time!” Deaton announced.
Four Actions to Take for Pro-XRP Advocate Deaton at Atkins
First, Deaton insists that those responsible for the mishandling of the Debt Box case must be removed from their positions to restore credibility and accountability within the SEC. He writes: “Fire all the people involved in the Debt Box.
Second, the attorney urges Atkins to “fire and/or demote Gensler appointees to leadership roles.” Deaton insists that Atkins should not retain staff chosen by “a bad-faith administrator like Gary Gensler,” who represents a new group that aligns with Atkins’ vision and, by extension, “Donald Trump’s vision of the Crypto Capital of the World.”
Third, Deaton asks Atkins to “clarify that DeFi and self-storage DOES NOT fall under the jurisdiction of the SEC,” which is intended to limit regulatory overreach and encourage innovation in decentralized finance.
Fourth, he believes that a special crypto unit within the SEC is unnecessary and should be abolished. “Have a general fraud unit that goes after all types of fraud cases,” suggested Deaton, advocating for a coordinated approach to enforcement.
Deaton’s post came in response to John Reed Stark, President of John Reed Stark Consulting LLC and former Chief of the SEC’s Office of Internet Enforcement. Stark insisted that outgoing SEC Chairman Gary Gensler “quietly worked behind the scenes to lead the SEC from the grave.” He noted that Gensler recently promoted three prominent crypto-enforcement lawyers to senior positions within the SEC, specifically in the Trial Unit and the Crypto Unit.
“It is interesting that the SEC has not publicly announced these increases and seems to be keeping them quiet (which has never happened before). But these qualified raises are a done deal,” Stark said. He warned that Atkins should prepare for significant challenges: “Prepare for World War III on day one, Chairman Atkins, because these three crypto-enforcement lawyers, who are now in charge, are the best in the business and they will not get on board so easily.”
Stark concluded with a warning to the crypto industry: “Don’t fail at your peril, Big Crypto, because the SEC hasn’t given up yet.”
Notably, the appointment of Paul Atkins, a former SEC commissioner known for his positive stance on the crypto industry, was met with optimism by many in the digital asset space. His appointment indicates that there may be a shift in enforcement. As previously reported, Trump announced Wednesday that he will nominate former SEC commissioner Paul Atkins to chair the agency.
At press time, XRP traded at $2.37.
Featured image from YouTube, chart from TradingView.com
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