Regulation
John Deaton blasts Warren and Biden for partisan stance
Pro XRP attorney John Deaton has accused Senator Elizabeth Warren and President Joe Biden of being too political in their approach to regulating cryptocurrencies.
Deaton, who is competing with Senator Warren in the upcoming elections, believes that the regulation of digital assets should transcend partisan politics, focusing on the fact that innovation is necessary in light of the various issues facing the country.
John Deaton blasts Warren and Biden for their partisan crypto stance
John DeatonEmerald’s criticism comes at a time when the United States faces challenges such as immigration, inflation and health care costs. However, according to Deaton, Senator Warren seems too concerned about regulating crypto, which could cost him the support of many American voters.
In Deaton’s view, Warren’s attention to this aspect must be tailored to the needs of the people she represents.
Besides Deaton’s criticisms, Anthony Scaramucci drew attention to the fact that many people own cryptocurrencies, pointing out that 93 million Americans own cryptocurrencies (an increase of 30-40%) according to Google, which is comparable to the number of people owning dogs, 65 million.
Scaramucci used this analogy to explain the adoption and acceptance of cryptocurrencies and questioned the logic that he would oppose them as an asset class loved by many.
President Biden’s veto of SAB 121
However, amid these criticisms President Biden decided to veto the repeal of the SEC’s Staff Accounting Bulletin 121 (SAB 121), even with bipartisan support in the House and Senate. The administration says removing this particular regulation could pose a threat to consumer and investor protections and could lead to increased market volatility and increased financial risk.
Tom Emmer, a supporter of cryptocurrency and innovation, also criticized the administration’s position. Emmer accuses senior politicians like Warren of being too cautious and ignoring developments occurring in the area of digital currencies.
He sees these attitudes as poison for the future of internet finance and emphasizes that they come from a misunderstanding of the importance of digital assets in today’s finance.
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