• Attorney John Deaton has criticized Michael Saylor for his stance on Bitcoin maxis.
• SEC Chairman Gary Gensler stated that with the exception of Bitcoin, he considered all digital currencies to be securities.
• John Deaton argued that only Gary Gensler and Bitcoin maxis believe that other cryptocurrencies are securities.

Attorney Chastises Michael Saylor for Stance on Bitcoin Maxis

SEC Chairman States All Digital Currencies Except Bitcoin Are Securities

Attorney John Deaton, a pro-Ripple lawyer, has chastised Michael Saylor, the chairman of business intelligence firm MicroStrategy Incorporated, for his stance on Bitcoin [BTC] maxis. The digital currency ecosystem was disturbed since news of the SEC’s onslaught on key industry firms began making the rounds in February 2023.

Gary Gensler’s Statement On Crypto Regulation

SEC Chairman Gary Gensler stated in a recent interview with The New York Times that with the exception of Bitcoin, he considered all digital currencies to be securities. Saylor reacted to Gensler’s comment, stating, „Consensus is building that everything in the #Crypto industry other than #Bitcoin is a security, destined to be regulated by the @SECGov. This makes $BTC the only crypto-asset suitable for use as global money.“

John Deaton Disagrees With Consensus Claim

In response, John Deaton stated that the talk of consensus is false. Additionally, only Gary Gensler and Bitcoin maxis believe that other cryptocurrencies are securities. According to Deaton, the regulator will have to fight to prove that each digital asset is, in fact, secure on a case-by-case basis.
Deaton went on to say that despite Saylor’s reputation what he was saying was completely incorrect: „He’s a brilliant guy and he knows what he’s saying is not true.“

John Deaton Earns Reputation Defending Claims That Some Cryptocurrencies Are Unregistered Securities

The cryptocurrency supporter has earned a reputation as one of the most responsive legal minds. He constantly sheds light on the ongoing Ripple-SEC case and what it means for millions of supporters.

Conclusion

John Deaton has criticized Michael Saylor for his stance regarding Bitcoin Maxis and refuted claims made by him about consensus being built around other cryptocurrencies being deemed as securities by SEC. Instead he argued that only Gary Gensler and BTC maxis hold this view and any decision will have to be made based upon case-by-case analysis by SEC regulators