- John E. Deaton has decried the increasing government intrusion into the private lives of American citizens.
- According to Deaton, unconstitutional expansion of authority by federal agencies is aided by Congress abdicating its responsibilities.
- Deaton noted that the fact that the SEC dropped the charges against Ripple’s executives tells a lot.
John E. Deaton, a renowned crypto lawyer, has decried the increasing government intrusion into the private lives of American citizens. Deaton’s lengthy post on X (formerly Twitter) explained what he believes is an unconstitutional expansion of authority by federal agencies, enabled by Congress abdicating its responsibilities.
According to Deaton, the U.S. Securities and Exchange Commission (SEC) is a prime example of gross government overreach. However, he noted that other agencies like the FBI, EPA, and the Federal Reserve are behaving similarly.
Deaton highlighted the infamous SEC’s complaint against Ripple and its executives, where the agency classified all XRP as securities. According to him, the fact that the SEC dropped the charges against Ripple’s executives tells a lot. The crypto lawyer noted that he sued the SEC following what it considered an “unconstitutional expansion of Howey.”
According to the lawyer, the SEC’s case against Ripple and its executives represented an attack on financial freedom. He argued that Americans should be free to own legal assets they deem beneficial for their lives. He accused the government of deliberately attempting to exclude 90% of the population from upward mobility and achieving financial freedom. Hence, the introduction of the Accredited Investor Rule.
Meanwhile, Deaton expressed fears over the tendency of the government to extend its attempt beyond Ripple. He cited the Coinbase and Custodia Bank cases as proof that his fears may become actualized. According to him, the two latter cases are now the best examples of out-of-control regulators limiting the freedoms of Americans.
However, the crypto lawyer identified the leaders of the embattled companies as the warriors fighting for the financial freedom of Americans. He commended their efforts in filing amicus briefs and doing things not seen by the public. He also promised to discuss the importance of their lawsuits and support their efforts.
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