John E. Deaton, a prominent attorney in the XRP community, expressed his frustration with the lack of effectiveness in addressing the US Securities and Exchange Commission (SEC) through letters to its Chairman, Gary Gensler. Deaton took to X (formerly Twitter) to announce his intention to write a letter to the Financial Services Committee (FSC) criticizing this approach. He believes that true oversight is not achieved through voluntary compliance or writing stern letters, but rather through involuntary measures. Deaton’s tweet was in response to a post by journalist Eleanor Terrett, who highlighted that Oversight Committee Chairman Rep. James Comer was considering using subpoena power over Gensler and the SEC due to their continuous non-compliance with oversight requests. The Committee expressed its dissatisfaction with the SEC’s lack of collaboration and raised concerns about the SEC’s involvement in European social engineering schemes. Chairman Comer emphasized that the SEC’s delivered documents were already public and therefore ineffective in satisfying the Committee’s inquiries. He reminded the SEC of its promise of collaboration and suggested that the Committee may resort to compulsory processes to ensure compliance. He also drew parallels with Goldman Sachs’ fine for withholding data, indicating that the SEC should provide access to its records without obstruction.While the specific topic of Deaton’s letter remains undisclosed, his advocacy for XRP and criticisms of Gensler and the SEC are well-known. He has raised concerns about potential conflicts of interest and connections to China within the SEC. Deaton also referenced a comment by Marc Cohodes questioning the links between FTX’s Gary Wang and China, suggesting possible preferential treatment.During a recent hearing before the House Financial Services Committee, Chairman Patrick McHenry complained about Gensler withholding requested documents from Congress for over seven months, specifically mentioning the SEC’s refusal to provide documents on the FTX collapse and climate disclosure rule.At the time of writing, XRP was trading at $0.4817.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	John E. Deaton, James Comer, Marc Cohodes, Gary Gensler, Eleanor Terrett
Companies	Fox Business, House Financial Services Committee, SEC, FTX, Kraken, China, Coinbase, Financial Services Committee (FSC), Capitol Hill, US Securities and Exchange Commission, LBRY, European social engineering schemes, XRP, House Committee on Oversight and Accountability, ETH Gate theory, Oversight Committee, CCP, Dragonchain, Goldman Sachs
Currencies	XRP
Securities	None