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TL;DR<\/strong> John E Deaton \u2013 a US attorney representing thousands of Ripple investors in the lawsuit against Ripple \u2013\u00a0<\/span>assumed<\/span><\/a>\u00a0that the United States Securities and Exchange Commission (SEC) might have changed its stance towards the cryptocurrency industry. He based his theory on the fact that the agency did not use the fake BTC ETF news that circulated the space earlier this week as an opportunity to bash the digital asset sector.<\/span><\/p>\n Deaton reminded this was not the case in the past when the SEC\u2019s Chairman Gary Gensler used to criticize crypto and link it to terrorism funding and criminal activity every time he had this option.<\/span><\/p>\n \u201cI could be wrong, but I attribute it to the Court loss coupled with the Larry Fink affect. Gensler only cares about what the major incumbent donors, I mean institutions think.\u201d<\/span><\/p>\n<\/blockquote>\n The lawyer\u2019s opinion about the SEC\u2019s softened approach coincides with the one shared by Scott Melker, better known as \u201cThe Wolf of All Streets.\u201d The latter\u00a0<\/span>argued<\/span><\/a>\u00a0in a recent X (Twitter) post that the approval of a spot Bitcoin ETF is just around the corner since \u201cthe language and tone have changed.\u201d<\/span><\/p>\n The breaking reports from October 16 that America\u2019s securities regulator has finally approved BlackRock\u2019s application to introduce a spot BTC ETF in the States infused enthusiasm in the crypto space while the entire market flashed green. The price of the primary digital asset, for one, surged<\/a> by over 10% in a matter of minutes to as high as $29,500 (per CoinGecko).<\/span><\/p>\n Nonetheless, the jolly was short-lived as it turned out that there was no such official approval. The SEC also chipped in,\u00a0<\/span>saying<\/span><\/a> people should not trust everything they read on the Internet and verify information with original sources.<\/span><\/p>\n Deaton disagreed with the statement, maintaining that independent judges who oversee the watchdog are more trustworthy than the agency itself. Subsequently, he claimed that an Appellate Court found the SEC to be \u201carbitrary and capricious:\u201d<\/span><\/p>\n \u201cFinally, a federal judge in the SDNY called the SEC lawyers hypocrites and stated they lacked faithful allegiance to the law. So, when it comes to the SEC, I choose to listen to judges. And man, are they speaking loudly.\u201d<\/span><\/p>\n<\/blockquote>\n
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The SEC Seems Different<\/h2>\n
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Deaton\u2019s Previous Reaction to the SEC<\/span><\/h2>\n
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