- Pro-XRP lawyer John Deaton believes the SEC will attempt to limit the crypto market until big banks like JPMorgan and Goldman Sachs can control it.
- The SEC recently brought charges against Coinbase and Binance, as part of their anti-crypto agenda.
- Deaton believes that Gary Gensler and the SEC may attempt to take over Coinbase if Brian Armstrong does not accept an incumbent partner.
SEC’s Anti-Crypto Agenda
Pro-XRP lawyer John Deaton says that the U.S. Securities and Exchange Commission (SEC) is pursuing an anti-crypto agenda with the aim of limiting the crypto market until big banks like JPMorgan and Goldman Sachs can swoop in and acquire majority of it. The SEC has already brought charges against two of the world’s largest crypto exchanges, Coinbase and Binance.
Big Banks Set To Acquire Crypto Market?
Deaton believes that once banking giants like JPMorgan and Goldman Sachs get their piece of the crypto pie, US officials will conveniently draw up a regulatory framework for the industry. He claims that this war was always going to get worse before it got better, as evidenced by a recent temporary restraining order related to Binance’s assets.
Coinbase Takeover Attempt?
Months before Coinbase was sued, Deaton said he was expecting Chair Gary Gensler and the SEC to launch an offensive on the exchange. He wouldn’t be surprised if they attempted a takeover if Coinbase CEO Brian Armstrong did not accept an incumbent partner.
Utility Will Win The Day
Even if Ripple CEO Brad Garlinghouse is correct in his prediction that 99% of crypto goes to zero, it would still leave 100-200 projects – meaning utility will win out in the end according to Deaton.