John Deaton
John Deaton became popular in the crypto space as crypto voters learned about his past work with $XRP holders and his fight to unseat "anti-crypto" Sen. Elizabeth Warren. Deaton Campaign Video/Screenshot

KEY POINTS

  • Deaton thanked his supporters Wednesday for their time, financial support and efforts
  • Crypto users urged Trump to consider the $XRP lawyer as an SEC Commissioner
  • Others believe he will transform the SEC if he is appointed as the next SEC Chair
  • Trump promised Bitcoiners that he will fire Gary Gensler on his first day as President

The cryptocurrency community went wild after Donald Trump secure the needed electoral votes for the presidency, but while many celebrated the victory, others were quick to praise lawyer John Deaton for putting up a good fight against Democratic Sen. Elizabeth Warren, who won the seat for Massachusetts Tuesday.

Deaton's rise in the crypto community came a few years before the 2024 U.S. elections. He provided pro bono legal counsel for holders of the XRP token after the U.S. Securities and Exchange Commission (SEC) sued Ripple in 2020 for selling XRP, which the regulator considered an unregistered security before clarity from a court ruling came last year.

Deaton Takes Loss with Gratitude

On Wednesday, Deaton thanked his supporters and the volunteers who gave time during his campaign. "I want you to know that your dedication inspired me to work harder," he said.

Deaton received much applause from the broader crypto community and the XRP army – the community of XRP holders – after the Massachusetts senatorial race was called for Warren.

Crypto leaders took time off the celebrations to thank him for his effort and hinted that they will support him if he decides to run again in the future.

Crypto Users Begin New Movement: Deaton for SEC

The crypto industry is known for being a catalyst of change, and the community behind it is starting a new movement: to get Deaton inside the financial regulatory agency.

Some crypto users are urging Trump to consider giving the former U.S. Marine a position inside the SEC, such as a Commissioner.

Others were more specific: Deaton for SEC Chair. If he is appointed by Trump, Deaton will replace Gary Gensler, who, along with Warren, is deemed a nemesis of the industry.

One user even tagged Tesla CEO Elon Musk to recommend Deaton "as the next SEC chair" to Trump. Notably, Musk has been promised with a leadership role in a new government audit commission that the tech titan has called the Department of Government Efficiency (D.O.G.E).

It is unclear how Trump will go about with the SEC, but he promised during the Bitcoin Conference 2024 that he will fire Gensler on his first day as president. The Constitution doesn't explicitly say he has the authority to do so. Also, Gensler still has more than a year in his term as SEC chief.

Crypto Hopes Trump Won't Disappoint

Meanwhile, crypto leaders are hopeful that Trump will stick to his promises to the industry now that he has secured the path toward his second presidency.

Bitget Global CEO Gracy Chen said she hopes the business mogul will tackle "the real issues" within the country and the crypto sector, while Coinbase Chief Legal Officer Paul Grewal said he hopes to see "significant changes" in terms of the SEC's regulatory approach.

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