Pro-XRP Lawyer Lambasts SEC Chair Gary Gensler for Not Being Fair with All Cryptocurrency Platforms

The Securities and Exchange Commission official was scrutinized as his critics discovered that he had private meetings with the founder of an offshore crypto exchange.

A lawyer known for his support of XRP has slammed Securities and Exchange Commission (SEC) Chair Gary Gensler for allegedly favoring some cryptocurrency platforms over others.

The lawyer, Jonhn Deaton, has highlighted Gensler’s private meetings with the founder of an offshore crypto exchange, Sam Bankman-Fried, while other crypto executives were denied requests for formal meetings with the SEC head.

Deaton is now demanding transparency from Gensler, asking him to reveal the content of his discussion with the FTX founder.

“How about you release all the correspondence and notes related to your private meetings with Bernie Madoff of Crypto – @SBF_FTX,” said Deaton in a post.

A netizen responded to Deaton’s post by asking Gensler why Bankman-Fried was “the only one getting not just one impossible meeting” with the SEC head but two to three meetings allegedly done in secret.

"@GaryGensler why is @SBF_FTX the only one getting not just 1 impossible meeting with you but 2-3 meetings in total (some in secret at night). Meanwhile, another crypto company (Ripple) is asking for clarity and guidance and gets hit with a 4-year lawsuit,” added another netizen.

Deaton went on to explain that Gensler’s actions suggested his inclination with the FTX founder, losing the supposedly equal treatment among crypto firms.

“One of the key issues that have emerged from the FTX saga is the unequal treatment of various cryptocurrency companies by the Securities and Exchange Commission (SEC). While some firms, such as FTX, appeared to have close ties to the regulator and were able to gain access to senior officials, others faced difficulties in even getting a response to their inquiries,” said Deaton in a recent Substack post.

“This disparity in treatment has raised questions about the fairness and objectivity of the SEC’s approach to the digital asset industry, especially considering the vast sums of money that were at stake and the potential impact on investors.”

Deaton also pointed out that Bankman-Fried made “substantial political donations” which might have helped the FTX founder gain access to the SEC for regulatory discussions.

The crypto lawyer asked Gensler if the $10 million that Bankman-Fried had donated to the administration allowed the FTX founder to talk with regulators, saying, “Was that your price? $10M?”

According to Deaton, the donation might have helped FTX to get favorable treatment from SEC, a contrast to Gensler’s tough behavior towards most of the American crypto companies.

“Did the $10M that Bernie Madoff of Crypto – @SBF_FTX – donated to the administration allow him to talk to regulators while you denied American CEOs like @brian_armstrong and @jespow meetings? How about you release all the correspondence and notes…,” stated Deaton in a tweet.

Gensler announced that he would resign from his post at the US regulatory office in January next year, coinciding with the inauguration of President-elect Donald Trump who pledged during the campaign to sack Gensler from the SEC upon returning to the White House.

With the impending resignation of Gensler, Deaton said that Brad Bondi could be an excellent replacement for Gensler in the regulatory post, saying there is a need to craft a clear and fair policy on cryptocurrency that will allow the digital asset sector to grow.

“Brad Bondi would be an excellent replacement for Gensler. We need clear and fair policy on cryptocurrency that allows the sector to grow. Bondi has the experience and temperament to get the job done and work with Congress to enact legislation,” Deaton said in a tweet.