Attorney andย XRP supporter John Deaton thinks Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), will pursue more regulatory action that will drive crypto prices lower.
Deaton says he expects Gensler to sue a crypto exchange and argues that most of the exchangeโs tokens are unregistered securities.
Consequently, he believes crypto prices could plummet even further, allowing traditional financial institutions like Goldman Sachs or JPMorgan Chase to buy up shares in the sector.
โIโve been saying for a year that this was the plan. Once the market is at the bottom and the incumbents get a bigger piece, Gary and the SEC will come to the table and work out some form of guidelines or clarityโฆ
Even if [Ripple CEO] Brad Garlinghouse is correct and 99% of crypto goes to zero, it would still leave 100-200 projects โ so you get the picture. Utility will win the day. I have no idea where the bottom is but what is clear to me is the agenda being pursued by regulators like Goldman Gary.
Coinbase has a market cap under $9B w/$5B in cash. I wouldnโt be surprised to see a takeover attempt if [Coinbase CEO] Brian Armstrong doesnโt accept an incumbent partner. I wouldnโt be surprised if Gary sues Coinbase attempting to serve as the proverbial straw, while investors get screwed.โ
Deaton has played an active role in the SECโs ongoing lawsuit against Ripple, filing an amicus briefย on behalf of XRP supporters in opposition to the regulatorโs motion for summary judgment.
The SEC sued Ripple in late 2020 for allegedly selling XRP as an unregistered security.
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