John E Deaton
John E Deaton|Feb 22, 2025 20:35
“I believe in consumer protection, in making sure we don't have abusive, monopolistic, or inappropriate behavior in markets, I believe in transparency and disclosure standards, and I believe in setting a level playing field and creating fair rules so that the best products, ideas, and performers can rise to the top in a way where we all have faith the system is working properly.” @CampbellJAustin Perfectly stated! As we move forward we MUST make sure consumers and retail investors are protected. But that does NOT mean protected from themselves or from making bad decisions. We must never become a Nanny State where the government “protects” us for our own good. Look at the Accredited Investor Rule: it’s supposed to protect so-called unsophisticated investors but all it does is protect people from wealth. Protecting consumers and retail investors against the @SBF_FTX’s of the world, from different types of fraud, from scams, Ponzi schemes, illegal pump and dumps - that’s what we need. Setting rules that disallow commingling of customer funds, requiring real time proof of 100% reserves, protecting customer funds in case of an exchange or bank going bankrupt - that’s what we need. Ending regulatory capture and permanently welding shut the revolving 🚪 at agencies like the SEC is what we need. Implementing a 5 year statutory bar, preventing regulators from leaving an agency to go work for a company the regulator was just in charge of regulating - is something we need. Enforcing statutes like 18 USC 208, which prevents even an appearance of impropriety, related to financial conflicts of interests laws (e.g. Jay Clayton, @billhinmanDC, @ScottGottliebMD, @JenGranholm and many more) - is what we need.
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