In anticipation of an upcoming congressional hearing on digital assets, financial technology, and inclusion scheduled for January 10, 2024, John Deaton, a prominent lawyer advocating for XRP, has publicly volunteered to provide testimony. 

The hearing, convened by the Digital Assets, Financial Technology, and Inclusion Subcommittee of the House Financial Services Committee, aims to assess the impact of the changing regulatory framework proposed by the Financial Stability Oversight Council (FSOC) on innovation within the cryptocurrency sector.

Deaton Challenges SEC and Advocates for XRP Hodlers

Following the announcement by Chairman Patrick McHenry of the House Financial Services Committee, John Deaton expressed his eagerness to represent the interests of individual token holders.

If you want someone to testify who actually represents the interests of token holders – not crypto companies – and who has taken on the SEC and who’s helped expose just how much Gary Gensler does NOT protect investors – I volunteer my services. I represented 75K XRP holders as…

— John E Deaton (@JohnEDeaton1) January 4, 2024

Distinguishing himself from advocates for cryptocurrency companies, Deaton, known for representing over 75,000 XRP holders in the Ripple case as amicus curiae, highlighted his willingness to testify on behalf of token holders and his commitment to challenging the regulatory approach of the Securities and Exchange Commission (SEC).

Deaton’s criticism specifically targets SEC Chairman Gary Gensler, questioning the consistency of the regulatory body, especially in light of its lawsuit against Coinbase. 

The attorney urged Congress to issue a subpoena for Chairman Gensler, citing the SEC’s lack of compliance and calling on public figures like Elizabeth Warren and Senator Sherrod Brown to fulfill their oversight responsibilities.

Despite these developments, the XRP token experienced an over 8% decline in price and market capitalization over the past 24 hours, currently trading at $0.585. However, data from CoinMarketCap indicates a notable 153.49% increase in the token’s trading volume during the same period, suggesting heightened market activity. 

The drop in price and market cap, coupled with the surge in trading volume, underscores the ongoing volatility and scrutiny surrounding XRP and the broader cryptocurrency landscape.

XRPUSD 1-Day Chart

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