• Pro-XRP lawyer John Deaton says that the big banks will swoop in and acquire vast pieces of the crypto market after the U.S. Securities and Exchange Commission (SEC) hammers it down.
• Last week, the SEC brought charges against both Coinbase and Binance—the two largest crypto exchanges in the world—as part of an ongoing anti-crypto agenda.
• Deaton predicts 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.
Pro-XRP Lawyer Sees SEC’s Anti-Crypto Agenda
Pro-XRP lawyer John Deaton believes that the U.S. Securities and Exchange Commission (SEC) is pushing an anti-crypto agenda which could see large banks such as JPMorgan and Goldman Sachs acquiring a larger portion of the crypto market once regulations are established by US officials.
SEC Brings Charges Against Coinbase & Binance
Last week, the SEC brought charges against both Coinbase and Binance, two of the largest crypto exchanges in the world, signalling what may be part of a larger anti-crypto agenda from regulators. This could lead to banking giants acquiring more control over various parts of this sector once a regulatory framework is established by US officials in due course.
Deaton Predicts Takeover Attempts For Coinbase
Months before Coinbase was sued by the SEC, Deaton predicted that Chair Gary Gensler would launch an offensive on this exchange with a potential DOJ case being next on their list. He pondered whether Brian Armstrong—CEO at Coinbase—would accept an incumbent partner or if Gary would sue them attempting to serve as “the proverbial straw”.
Crypto To Survive Despite Regulator Pressure
Despite these developments, Deaton still believes that utility will win out in this battle between incumbents and regulators with 100-200 projects still alive even if 99% of cryptos went to zero according to Ripple CEO Brad Garlinghouse’s predictions.
Conclusion
In conclusion, while pro-XRP lawyer John Deaton predicts that big banks may swoop in when regulations have been established by US officials, he still believes that utility will ultimately triumph despite current pressure from regulators such as Goldman Gary via cases brought against major crypto exchanges like Coinbase and Binance last week.