John Deaton, a well-known pro-crypto attorney and U.S. Senate candidate, has accused the Securities and Exchange Commission (SEC) of causing significant financial harm to small investors through its regulatory approach to cryptocurrencies.
In a recent post on X, Deaton said the SEC’s actions have led to losses exceeding $15 billion for retail investors.
“The SEC’s misconduct and gross overreach caused small investors over $15 billion. On behalf of those 75K small investors I represented, we do not accept the SEC’s apology,” Deaton wrote.
Deaton claimed the SEC’s enforcement practices amounted to “gross overreach,” significantly impacting small investors.