- John Deaton has cast a spotlight on the political affiliation of SEC Chair Gary Gensler.
- The crypto lawyer questioned the motivation behind Genlers’ actions and indicated they were politically driven.
- Deaton highlighted the SEC Chair’s tenure as Democratic Presidential candidate Hillary Clinton’s campaign CFO.
John Deaton, a lawyer popular among crypto circles, has questioned the political affiliation of Gary Gensler, the man at the helm of the U.S. Securities and Exchange Commission (SEC). The crypto lawyer indicated that Gensler’s actions in the context of the crypto industry may be politically driven given his previous work with Democratic politicians.
Fox Business journalist Eleanor Terrett recently quoted John Reed Start, the former Chief of SEC’s Office of Internet Enforcement, who claimed that the SEC is a very “non-political agency. According to Stark, the five commissioners of the securities regulator had become increasingly political over time, however, the SEC staff remains “remarkably apolitical.”
The 5 Commissioners are political appointees thus, by definition, are political. @GaryGensler is a lifelong Democrat and Chair of the @CFTC under Obama, with both parties agreeing that he did a lousy job – just think MF Global. Of course, he served as Hilary Clinton’s CFO for her… https://t.co/g8sgf0qQiH— John E Deaton (@JohnEDeaton1) August 14, 2023
Deaton responded to Terrett’s reporting and pointed out that the SEC’s commissioners are political appointees since they are appointed by the President and confirmed by the Senate. The very manner of their appointment made them inherently political. The crypto lawyer further highlighted Chair Gary Gensler’s lifelong affiliation with the Democratic Party and his previous tenure as the Chair of the Commodities and Futures Trading Commission during the Obama administration.
According to Deaton, Gensler’s tenure as the Chief Financial Officer (CFO) of the 2016 Presidential Campaign of Democratic candidate Hillary Clinton only added to the argument that he was politically inclined towards the Democrats that are currently in power in the United States. Gensler reportedly signed and/or approved the check for the Steele dossier that was commissioned by the Democratic party to uncover Republican President Donald Trump’s alleged ties to Russia.
Deaton believes that no one can credibly claim that Genlser’s ongoing tenure as the Chairman of the SEC is not 100% politically driven. To make his case for the same, the crypto lawyer added that the SEC Chair had two meetings with FTX founder Sam Bankman-Fried, who had donated millions of dollars to Democratic candidates and PACs in the U.S.
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