Famous crypto attorney and crypto advocate John Deaton continues to criticize the United States Securities and Exchange Commission (SEC) for the way it treats crypto and crypto businesses.
Deaton Wants to Testify
Deaton says he is willing to testify on the stand about all that he has learned surrounding the way Gary Gensler’s SEC handles anything concerning cryptocurrencies.
In addition, the crypto lawyer said that the SEC attorneys threatened to bankrupt American startup LBRY before launching a lawsuit against it, and then really did so after filing the case, despite the fact that the case did not include fraud or misrepresentation.
Last year, the SEC filed a lawsuit against LBRY for selling securities without first registering them. The Chief Executive Officer of LBRY, Jeremy Kauffman, said that the company had groveled in front of the SEC and volunteered to make any type of modifications. They provided an offer to make modifications concerning Ethereum and Bitcoin, both of which are designated as not being securities.
Kauffman told Deaton:
“I honestly don’t care about arguing the penalties. I mean, the SEC has won. LBRY is almost certainly dead. The SEC’s objective of bankrupting us through the process, which they threatened privately three years ago, they succeeded.”
In addition, during the hearing, Kauffman pleaded for clarity for the people who utilize the platform as well as transparency surrounding the transactions that take place on the secondary market. According to Deaton, an investigation into the situation is scheduled to take place on January 30.
Keep in mind that the SEC has already conceded on the record that many LBC token holders, if not the vast majority, did not see LBRY’s token as an investment and utilized the tokens for personal consumption rather than as a means to generate a financial gain.