According to a prominent pro-crypto attorney and Senate candidate John Deaton, the Securities and Exchange Commission’s (SEC) excessive intervention in the cryptocurrency industry has resulted in retail investors losing over $15 billion

According to a prominent pro-crypto attorney and Senate candidate, the Securities and Exchange Commission's (SEC) excessive intervention in the cryptocurrency industry has resulted in retail investors losing over $15 billion.

The US securities regulator has often been criticized for its enforcement-heavy regulatory regime over the cryptocurrency industry.

The SEC should be held accountable for its actions, as its "gross overreach" cost investors $15 billion, according to John Deaton, lawyer and Republican US Senate candidate.

The pro-XRP lawyer wrote in a Sept. 13 X post:

"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 added that he intends to hold the SEC accountable for its regulatory actions since Senator Elizabeth Warren "won't do it."

Deaton's statement comes two weeks after the pro-XRP lawyer won the nomination for the US Senate in the Massachusetts primary election and is set to face off against Democratic Senator Elizabeth Warren in November.