CryptoLaw founder John Deaton levied strong criticism at SEC chair Gary Gensler over arguments that existing securities regulations appropriately govern crypto markets. Deaton claimed Gensler is “gaslighting” after rejecting oinbase">Coinbase’s petition for crypto-specific rules.
Deaton suggested Gensler previously acknowledged crypto’s unique qualities and regulatory gaps, referencing Hinman speech emails. But his reversal now to insist SEC enforcement supersedes the need for further clarity is “concerning” politicization, Deaton said.
The remarks highlight ongoing conflict around whether tailored crypto guidelines are necessary versus applying traditional securities frameworks. Beyond Gensler, Deaton also condemned anti-crypto sentiment from JPMorgan’s Jamie Dimon and Senator Elizabeth Warren.
The fiery callout follows oinbase">Coinbase announcing a legal challenge to the SEC’s dismissal of its regulatory proposal. While Gensler defended the decision, oinbase">Coinbase contends lacking participation in formal rulemaking despite active litigation is contradictory and unfair.
The dispute indicates the struggle toward establishing appropriate crypto oversight persists. As adoption accelerates across retail and institutions, whether additional clarity emerges through SEC rulings or Congressional action remains to be seen.
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