Attorney John Deaton of Crypto law joins me for an interview to discuss SEC Ripple XRP Lawsuit, Grayscale BTC ETF case against SEC, joining the Maine crypto hearing, CFTC Binance lawsuit, SEC Coinbase Wells Notice, Operation Chokepoint 2.0 and more.
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⏰ Time Stamps ⏰
00:00 Intro
00:57 Maine Crypto Hearing
11:07 CFTC, SEC, battle for what’s a commodity and security
18:46 Operation Chokepoint 2.0
24:12 SEC Ripple XRP Lawsuit updates
34:01 Can XRP holders sue the SEC?
38:47 Grayscale SEC case
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John Deaton, a well-known lawyer, has been making headlines recently for his commentary on several key cryptocurrency legal issues in the United States. He has spoken on the SEC’s lawsuit against Ripple and its impact on the XRP market, the approval of Grayscale’s Bitcoin ETF by the SEC, the CFTC’s actions against Binance, and Coinbase’s Wells Notice.
Regarding the SEC lawsuit against Ripple, which alleges that XRP is a security and that Ripple illegally sold it to investors, Deaton has been vocal about the potential consequences that the lawsuit could have on the cryptocurrency market. He believes that the SEC’s case is weak and lacks clarity, and that the outcome could set a precedent for how cryptocurrencies are regulated in the future.
Deaton has also commented on Grayscale’s Bitcoin ETF, which was recently approved by the SEC. While he believes that this is a positive development for the cryptocurrency market, he also notes that the approval of such ETFs does not necessarily mean that cryptocurrency is fully mainstreamed or widely accepted.
The CFTC’s actions against Binance, which recently faced a lawsuit from the regulatory body over allegations of illegal trading, have also drawn Deaton’s attention. He has criticized the CFTC’s approach to regulating cryptocurrency, stating that it is too strict and does not take into account the unique nature of the industry.
Finally, Deaton has spoken on Coinbase’s Wells Notice, which the company received from the SEC regarding its proposed Lend product. He has been critical of the SEC’s decision, stating that the agency is not giving Coinbase the same treatment as other companies in the financial world.
Overall, Deaton’s perspective on these key cryptocurrency legal issues provides valuable insight into the complexities of regulating this new financial industry. His commentary helps shed light on the potential implications of these legal battles for the future of cryptocurrency, and underscores the need for clear, consistent regulation that takes into account the unique nature of this emerging asset class.
Thanks for your educated guess. Hope it is sooner rather than later.
It doesn't surprise me that the SEC is targeting Coinbase. They're not as squeaky clean as they make themselves out to be.
Coinbase is just the absolute worst exchange out there. They're always stopping withdrawals and it's just so frustrating!
It seems like Coinbase has a history of breaking the law. They've been caught selling "shitcoins" without registering with the government in the Netherlands, and they've had lawsuits with the NYDFS as well. It's like they're used to doing illegal things and they'll probably keep doing it in the future.
I find it a bit suspicious that Armstrong sold all his shares in Coinbase right before they received a Wells notice. It seems odd that a CEO would do that just before a major event, don't you think?
With this happening to them, I wonder if Coinbase can recover from their losses though? But at the moment the most safest and logical decision is to retrieve your assets from Coinbase before it goes down just like Voyager or FTX.
Coinbase is struggling financially though, and even jurisdictions that are supportive of cryptocurrencies cannot address their underlying issues. Even if they weren't under investigation by the SEC or facing a Wells notice, their massive losses of billions of dollars would still push them towards bankruptcy lol
It's really unfortunate that Coinbase is dealing with an SEC investigation and a Wells notice, but it's not looking good for them. Based on past experiences, companies usually don't come out of SEC investigations unscathed. It's really sad to see this happening to them, but I guess that's just the way it is.
Coinbase is involved in so many lawsuits that I don't think they'll make it through this year.
I had to withdraw all my money from Coinbase because they always freeze withdrawals during unstable market conditions. It's really hurting their image and making them look worse and worse.
Didn't Coinbase go public even though they weren't registered as a broker yet?. If the SEC finds out, they're in deep trouble.
Its pretty dangerous to use Coinbase now. They have changed their SEC filings to state that Coinbase reserves the right to use client account crypto holdings to pay debtors in the event of bankruptcy. And with this happening, bankruptcy isn't so far.
81 been in crypto since 2017 could not agree more with John! it was a long learning road as a lifelong stock investor! simplification has to come for the retail market Fidelity Coinbase and twitter thru Elon M . folks. The the big boys of Wallstreet already have their plans!
Regards Richard Semper Fi
We need competency testing for regulators before they can vote on rulings.. it's far past time they update their education levels on technology. They should be given the test and the results posted in real time so we know who needs to be removed from office.. no different than a contractor trying to get licensed. They need to earn the money they are making. Instead of relying on what they heard or lobbyists
What happened to these all important Hinman emails that JD swore the sec would settle before showing? Why no explanation as to why we haven’t seen them?
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To the moon!!!
Love your content but why the hell do you keep schilling uphold ? It's easily one of the worst platforms to buy crypto on because a lot of cryptos cannot be moved off to a wallet without a lot of Herculean effort to make it happen. Their fees are low but the spread is terrible so you often wind up spending more on uphold than on something like Coinbase, Kraken pro or Gemini active trader. The only real reason to use Uphold is because it's the only US exchange that supports XRP
You know what would be great.
A smart person who puts together a powerpoint presentation that explains crypto in simple terms for legislators. Friends. Family that anyone can use or present.
1. Sending a brochure is not an offer under Contract Law but an “offer to treat”, i.e. an invitation for the reader of the brochure to make an offer which could then lead to a contract if accepted. 2. The “offer to treat” was not given to the general public but, presumably, to “sophisticated investors” and therefore Gensler’s “protecting public investors” was unnecessary. 3. The wording of the brochures would be interesting to read whether any promises were made.
when the actual F is the judge going to say something. there's been zero anything for weeks, how is that normal?
I really feel left aside hearing and seeing several testimonies from people on profits they make from Bitcoin/Forex Investment. Can someone recommend a good expert that trade on my behalf and generate profit for me.
So I'm safe with having my crypto on my ledger and d cent Wallet right??
3:51 The problem in the united states, concerning crypto/blockchain technology, is that on one side we are a decade ahead and the other side is a decade behind!
I'm done hearing about fake case….stop.
I think it’s both that we are early and they (senior officials) are not only behind but are unable/unwilling to get involved with the digital assets with its respective ecosystem.
Great Show, as always!
"I can't believe how much our lives have changed since meeting Marcia Ann Bice .
She’s helped us become debt-free and save for retirement." | made over 220K during this dip, which made it clear there's more to the market than we average joes know. Having an investment adviser is currently the best course of action, especially for those who are close to retirement
Great show!
It’s tough to fight the mafia!
XRP be will be deemed a commodity!
Appreciate you both..JDis a beast.. eye of the tiger
"A lot" of people don't agree with Ripple over SEC?!?!? I don't think so!! "SOME" people don't agree! Most do!!
Manipulation all over Coinbase. Look at the buy sell percentages of playdapp. The price is 20% up and climbing with a buy sell ratio of 100%sell and 0% buy. How is this even possible. It’s not it’s impossible. Coinbase is scamming everyone anyway they can
Gensler was asked in one of the banking committees if he has read hester peirce's safe harbour. He dodged the question. He wouldn't answer a simple yes or no. So he clearly didn't read it, nor cares about it
I have over 1200 btc locked away lost my key phrase
I regret not getting it tattooed