Defending Financial Freedom: Crypto Lawyer John E. Deaton Slams SEC's Actions as Threat to the Crypto Community

Renowned crypto lawyer John E. Deaton has voiced strong opposition to what he perceives as an unconstitutional expansion of government authority, particularly exemplified by the U.S. Securities and Exchange Commission (SEC). In a detailed post on X (formerly Twitter), Deaton criticized the increasing intrusion of federal agencies into the private lives of American citizens, with the SEC's actions against Ripple being a focal point.

According to Deaton, the SEC's complaint against Ripple and its executives, where XRP was classified as securities, represents a significant overreach. While the charges against Ripple's executives were dropped, Deaton contends that the case is an attack on financial freedom. He argued that Americans should have the freedom to own legal assets of their choice without government interference, accusing the government of deliberately limiting opportunities for upward mobility and financial freedom, citing the Accredited Investor Rule as an example.

Expressing concerns about the government extending its reach beyond Ripple, Deaton pointed to cases involving Coinbase and Custodia Bank as examples of regulators curbing the freedoms of Americans. He highlighted the efforts of leaders in embattled companies as warriors fighting for financial freedom, commending their actions in filing amicus briefs and undertaking initiatives not widely known to the public.

Deaton promised to discuss the significance of these lawsuits and lend support to those fighting against what he perceives as an encroachment on the financial liberties of Americans. His post reflects a growing sentiment within the crypto community regarding the regulatory landscape and its potential impact on individual freedoms.