According to Odaily, attorney John Deaton, a supporter of the cryptocurrency industry, has outlined four critical reforms that he believes the incoming U.S. Securities and Exchange Commission (SEC) Chair, Paul Atkins, must implement to improve cryptocurrency regulation. Deaton has been a vocal critic of the SEC's leadership under Gary Gensler, calling for reforms to make the agency more transparent in its dealings with the cryptocurrency sector.
Deaton expressed his views on social media platform X, stating, "If Paul Atkins does not dismiss or at least demote certain individuals and completely dismantle (i.e., abolish) the cryptocurrency division, he is not the right choice." He argued that the SEC does not need a separate cryptocurrency division and suggested establishing a comprehensive fraud division to handle all types of fraud cases. Deaton emphasized that the new chair should take the following actions on the first day: firstly, dismiss all individuals involved in the Debt Box incident; secondly, dismiss and/or demote individuals currently in leadership positions appointed by Gensler. Paul Atkins needs to bring in or select individuals who can realize his vision for the SEC, which aligns with Trump's vision of a global cryptocurrency capital; thirdly, clearly state that DeFi and self-custody are outside the SEC's jurisdiction; and finally, dismantle the cryptocurrency division.