John Deaton, an advocate for XRP (CRYPTO:XRP) investors and a U.S. Senate candidate in Massachusetts, has strongly criticised SEC Chairman Gary Gensler for allegedly causing significant harm to small cryptocurrency investors.
Deaton accused Gensler and the SEC of conducting actions that have negatively impacted investors more than any other entity in recent years.
He also pointed out Gensler's undisclosed meetings with Sam Bankman-Fried, the former CEO of FTX (CRYPTO:FTT), likening him to the "Bernie Madoff of crypto."
Meanwhile, the legal battle between Ripple and the SEC continues, with ongoing scrutiny over XRP's classification as a security.
Despite a previous court ruling in favor of Ripple regarding XRP sales, uncertainty persists amid the SEC's broader crackdown on unregistered altcoins and crypto platforms.