The pro-XRP attorney John Deaton has agreed with remarks by Ripple’s CEO, Brad Garlinghouse, emphasizing that the U.S. cannot afford another experience under Gary Gensler, the previous chair of the U.S. Securities and Exchange Commission (SEC).

In a tweet expressing his views, Deaton insisted that all the guidance and clarity the crypto industry has received might be revoked with a shift in administration. He believes the only way to assure that does not happen is by passing crypto-friendly legislation.

Ripple CEO Highlights Crypto Policy Weaponization

Deaton’s assessment resonates with Garlinghouse, who, during a recent Fox Business interview with Maria Bartiromo, warned against the weaponization of crypto policy in the U.S.

Garlinghouse pointed out that the Biden administration’s stance on crypto seems illogical to him, comparing it to waging war on emails — a strategy that could hinder digital innovation. Rather than engaging in “thoughtful rule-making,” he criticized regulatory bodies like the SEC for resorting to “lawfare” and suing crypto enterprises, leading many companies to relocate offshore.

Garlinghouse stressed the need to prevent a repeat of Gensler’s tenure to cultivate an environment conducive to the flourishing of blockchain technology and innovation. So far, the Trump administration has improved the clarity surrounding digital asset regulation.

Recently, the SEC clarified that most crypto assets are not classified as securities. While this is a positive development, Garlinghouse argues for more action, asserting that enshrining bills like the Digital Asset Market Clarity Act (the CLARITY Act) into law is crucial to avoid another Gensler-led situation.

Deaton Supports Garlinghouse

Echoing Garlinghouse’s sentiments, Deaton remarked that although the CLARITY Act could open avenues for major financial institutions to engage more with the crypto sector, he views these institutions as potential threats since they have “captured career politicians” to further their interests.

“Look how those career politicians protect banks over yields pertaining to stablecoins in the Clarity Act,” the attorney explained.

Yet, Deaton asserts that the prospect of another Gensler at the SEC should expedite the process of codifying the CLARITY Act as swiftly as possible.