John Deaton, founder of the law firm CryptoLaw, agreed with bitcoin supporter Preston Pysh’s assertion that the SEC lawsuit against Coinbase and Binance may have been part of a planned effort to support big financial conglomerates.
The SEC’s attack on leading members of the crypto industry has led to turbulence in the digital asset market and allowed Wall Street companies to more comfortably assert themselves to make up for lost opportunities, the attorney reasoned.
Earlier, Preston Pish drew the crypto community’s attention to the overlap in the SEC’s actions against Binance and Coinbase and the timing of Blackrock, Fidelity, Citadel, Schwab and Deutsche Bank’s bitcoin-ETF filing.
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“This looks like a coordinated effort orchestrated by Wall Street parasites and government regulators!” – Preston Pish announced on Twitter.
In addition to Deaton and Pish, Caitlin Long made a similar statement this week. The CEO of Custodia Bank said she believes Wall Street firms are not accidentally entering the crypto space amid widespread SEC crackdowns.
On Friday, June 23, according to Bloomberg, the cryptocurrency exchange Binance hired a
a former U.S. Justice Department prosecutor to fight the SEC lawsuit.