John Deaton, a lawyer who supports the crypto industry, outlined four key reforms that he believes incoming U.S. SEC Chairman Paul Atkins must implement to improve cryptocurrency regulation. Deaton strongly criticized the SEC leadership under Gary Gensler and called for reforms to make the agency more transparent to the cryptocurrency industry.
He posted on X: "If Paul Atkins does not fire or at least demote certain personnel and completely disband (i.e. abolish) the cryptocurrency department, he is not the right person. There is no need for the SEC to set up a separate cryptocurrency department, and a comprehensive fraud department responsible for handling all types of fraud cases can be set up.
I hope the new chairman will do the following four things on the first day:
1) Fire all individuals involved in the Debt Box incident;
2) Fire and/or demote individuals currently appointed to leadership positions by Gensler. Paul Atkins needs to introduce or select people who can realize his vision at the SEC (which is actually Trump's vision of the world's cryptocurrency capital);
3) Make it clear that DeFi and self-custody are not under the jurisdiction of the SEC;
4) Disband the cryptocurrency department."