Former SEC chairman behind XRP lawsuit defends Bitcoin, John Deaton demands answer

Former SEC chairman Gary Gerry Gensler defended his cryptocurrency enforcement actions in an interview with CNBC, saying that most cryptocurrencies except Bitcoin are speculative assets that rely on hype rather than fundamentals, and many of them may fail or have fraudulent behavior. He took the collapse of FTX as an example to prove that the regulatory intensity should be stricter. Attorney John Deaton criticized the media for not questioning about Gensler's private meeting with Sam Bankman-Fried before the FTX crash, noting that SBF had accepted $72 million in political donations and was suspected of having regulatory channels.