Crypto Lawyer Urges Kamala Harris to Push Gary Gensler’s Resignation as Proof; But Why?

A US Senate candidate and pro-XRP lawyer, John Deaton, has urged Democrat presidential candidate Kamala Harris to prove her support for cryptocurrency. 

Deaton wants Harris to demonstrate her stance regarding Bitcoin, promising the resignation of US SEC chairman Gary Gensler. Deaton’s call came as Harris sought the backing of prominent crypto personalities in her campaign. 

Notably, Harris was Biden’s re-election running mate and the incumbent US Vice President and has been working under Joo Biden’s anti-crypto administration. So, the broader crypto space demands to know why Harris suddenly changed to a pro-Bitcoin and crypto stance.

A pro-XRP lawyer, John Deaton has called on the crypto community to be cautious of Harris’ sudden crypto stance reset. He noted that the presidential candidate needs to first prove her genuine support for the crypto industry. 

The single most significant thing @VP @KamalaHarris could do to demonstrate she’s 💯 serious about a reset regarding #Bitcoin as well as fostering a digital asset economy during her Administration is to demand @GaryGensler’s immediate resignation. Arguably, no single person has… https://t.co/FZope9hMRe pic.twitter.com/4dpvayXdG9

— John E Deaton (@JohnEDeaton1) July 28, 2024

According to Deaton, Harris’ first significant proof will be to push for the immediate resignation of the SEC boss, Gary Gensler, during her administration. This move will reflect that she’s ready to support the development of a sustainable digital asset economy.

Further, Deaton mentioned that the SEC chair has inflicted more harm on crypto investors over the years than Sam-Bankman-Fried. Deaton noted that no individual or entity, including FTX, has done more harm to crypto investors than the SEC under Gensler’s leadership. 

The lawyer noted that under Gensler’s oversight, the SEC operated with regulation by enforcement, pushing investors to off-shore platforms like FTX. Again, the SEC boss met with FTX’s SBF several times but failed to submit related correspondence, emails, or notes.

Moreover, Deaton maintained that Harris’s push for Gensler’s resignation would favor Ripple XRP and the broader crypto industry.

The lawyer also pointed out that such a move from Harris would demonstrate good faith and set a landmark in the crypto industry. Already, Republican presidential candidate Donald Trump has promised to sack Gensler if he wins.  

Recently, Deaton sued the SEC pro bono to represent 75,000 XRP holders. The attorney countered the regulator’s legal theory – the 80-year violation of securities laws and the destruction of investors’ financial lives.

Deaton wrote:  “The Court of Appeals stated that SEC acted arbitrary and capricious in violation of the law. In the Debt Box Case, the SEC was sanctioned by the judge for flat out lying to the Court and engaging in fraudulent behaviour.”

Kamala Harris Sends Pro-Crypto Message in Her Campaign, What Does it Mean?

According to a Financial Times report, Kamala Harris has contacted prominent crypto players via her advisers and campaign strategists.

The report noted that Harris sent pro-crypto messages to create relationships that would foster a robust crypto regulatory framework. Also, the presidential candidate had contacted some firms, including Coinbase, Ripple Labs, and Circle.

Meanwhile, spokespersons for Coinbase and Circle have yet to comment on the recent development. However, Ripple’s spokesman referred to CEO Brad Garlinghouse’s latest comment on X.

It would behoove VP Harris to not listen to (and distance herself asap from) folks like this who spout utter nonsense.

The Dems aren’t winning any votes for being anti-crypto (and thus anti-innovation), while the Republicans are gaining votes for embracing and encouraging… https://t.co/x3DurB6dlx

— Brad Garlinghouse (@bgarlinghouse) July 26, 2024

Garlinghouse warned Harris to stay away from individuals who are anti-crypto. The CEO’s statement responded to a post that included Rep. Brad Sherman’s speech, known for his anti-crypto stance. Similarly, some crypto proponents are skeptical of Harris’ sudden support for digital assets.

I would like to see @KamalaHarris make a clear statement on what her crypto policy would be. Until then I have to assume it aligns with the current administration. She needs to lay out her vision of the future for crypto and digital assets asap.

— Jungle Inc: Deaton 4 Senate (@jungleincxrp) July 26, 2024

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.

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