Famed crypto lawyer and cryptocurrency advocate John Deaton continues to criticize the United States Securities and Exchange Commission (SEC) for the way it treats crypto companies.
Deaton wants to testify
deaton He says is willing to testify on the stand about everything he has learned about the way the SEC handles everything related to cryptocurrency from Gary Gensler.
Furthermore, the crypto attorney said that SEC lawyers threatened to bankrupt American company LBRY before launching a lawsuit against it, and then did so after filing the case, even though the case did not include fraud or misrepresentation.
Last year, the SEC filed a lawsuit against LBRY for selling securities without first registering them. LBRY CEO Jeremy Kauffman said the company had humbled itself in front of the SEC and volunteered to make any kind of change. They provided an offer to make amendments with respect to Ethereum and Bitcoin, both of which are designated non-securities.
Kauffman told Deaton:
“Honestly, I don’t mind discussing sanctions. I mean, the SEC has won. LBRY is almost certainly dead. The SEC’s goal of bankrupting us through the process, which they privately threatened three years ago, they accomplished.”
Additionally, during the hearing, Kauffman advocated for clarity for people using the platform, as well as transparency around transactions that take place on the secondary market. According to Deaton, an investigation into the situation is scheduled for January 30.
Note that the SEC has already admitted on the record that many, if not the vast majority of LBC token holders did not view the LBRY token as an investment and used the tokens for personal consumption rather than as a means of generating a financial gain.
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