John Deaton, a candidate for the US Senate, has urged the resignation of Gary Gensler, the current head of the Securities and Exchange Commission (SEC).

In a detailed message shared on X (formerly Twitter) on March 26, Deaton argued that Gensler's leadership at the SEC has strayed from protecting innocent investors to serving his and others' political motivations.

Deaton's Stance on Gensler's Resignation:

Deaton criticized the lack of modern tech-friendly laws by the US Congress, enabling non-elected officials like Gensler to manipulate outdated regulations without thoughtfully considering modern advancements like AI and Bitcoin.

The pro-crypto advocate accused Gensler of prioritizing personal and political interests over the SEC's mission and highlighted legal setbacks against the SEC, notably in cases like the lawsuit involving Ripple. Such actions, according to Deaton, led to significant losses for individual investors.

He specifically mentioned a case with XRP where a judge deemed the cryptocurrency not an unregistered security, as claimed by the SEC, following substantial financial setbacks suffered by small investors. Additionally, incidents involving the rejection of a spot Bitcoin ETF application were criticized as arbitrary and detrimental to investors, pointing to a broader failure during Gensler's tenure at the SEC.

Deaton's Rebuke of Warren:

Deaton did not spare Senator Elizabeth Warren from criticism, alleging that she exploited her influence on the banking committee to manipulate the SEC for personal gains and political interests.

He raised concerns about a perceived collaboration between Gensler and Senator Warren, suggesting a compromised independence of the SEC under such influences. Deaton maintained his previous accusations against Senator Warren, asserting that her actions violated her commitment by influencing sworn testimony for political objectives.