According to Fox News reporter Eleanor Terrett, John Deaton is set to submit an amicus brief on April 26. In this submission, Deaton emphasizes the pressing need for legal clarity on digital assets. He points out the inconsistent approach of the U.S. SEC to regulation and how it negatively affects industry participants. Deaton specifically criticizes the SEC’s lack of consistency, highlighting its changing stance on whether crypto tokens should be classified as securities.
He asserts that the argument that Bitcoin is not a security unlike other tokens because it doesn’t have an ecosystem is flawed. John Deaton, known for his pro-crypto stance as a lawyer and a Massachusetts Senate candidate, has been actively involved in cryptocurrency-related lawsuits. One notable instance is his filing of a 2021 petition challenging the SEC’s lawsuit against Ripple, a security. The petition sought reconsideration from a higher court on whether a digital asset transaction that doesn’t impose any obligations on the original issuer of the asset should be classified as an investment contract and thus regulated by the SEC.