• Pro-XRP lawyer John Deaton says that the SEC will crush crypto until big banks are able to control a majority of the market.
• The SEC recently brought charges against Coinbase and Binance, two of the largest crypto exchanges in the world.
• Deaton believes that once banking giants like JPMorgan and Goldman Sachs take over a large part of the industry, US officials will create a regulatory framework for it.
Pro-XRP Lawyer: Big Banks Will Attempt To Take Over Crypto Market
Pro-XRP lawyer John Deaton says that after the U.S. Securities and Exchange Commission (SEC) hammers down on cryptocurrency, big banks such as JPMorgan and Goldman Sachs will attempt to swoop in and acquire vast pieces of the market. He believes that once these banking giants gain their piece of the pie, US officials will draw up a regulatory framework for the industry.
SEC Brings Charges Against Coinbase And Binance
Last week, charges were brought by the SEC against both Coinbase and Binance, two of the largest cryptocurrency exchanges in the world. According to Deaton, this is all part of an ongoing anti-crypto agenda which will lead to large institutions buying up much of the industry’s share.
Deaton Predicted Coinbase Charge Before It Happened
Months before Coinbase was actually charged by SEC Chair Gary Gensler, Deaton claimed he was expecting Gensler to launch an offensive on them. He says that when Gensler sought a temporary restraining order related to Binance’s assets it signaled there may be a DOJ (Department of Justice) case coming soon as well.
Takeover Of Coinbase Possible
With its current market cap under $9 billion with $5 billion in cash, Deaton wouldn’t be surprised if there is an attempted takeover if Brian Armstrong (CEO) doesn’t accept an incumbent partner from one of these banking giants. He speculates that Gensler could sue Coinbase attempting to serve as “the proverbial straw” while investors get screwed in process.
Conclusion
Ultimately, Deaton believes utility projects will survive this war between regulators like Goldman Gary and crypto companies/investors because even if 99% goes away there would still be 100-200 projects left standing at least—illustrating how powerful these platforms can be despite attempts at regulation or control by bankers or government officials alike