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The Securities and Exchange Commission (SEC) has been exerting increasing influence over cryptocurrency markets, particularly through a series of lawsuits against crypto firms that began in 2020. However, recent court decisions in favor of defendants in the Ripple lawsuit have tested the limits of the SEC’s power. Now, a Rhode Island lawyer named John Deaton is raising questions about the ethics of the powerful government regulator. Deaton has highlighted a “revolving door” at the SEC, referring to the movement of high-level employees between public-sector and private-sector jobs. He points out that former SEC Chair Jay Clayton was once a partner at the law firm Sullivan & Cromwell, which was hired by blockchain company ConsenSys when it acquired J.P. Morgan’s blockchain platform Quorum in 2020. Deaton argues that Ethereum and ConsenSys have received preferential treatment from the SEC, while Ripple Labs has been unfairly targeted. He suggests that if Ripple Labs had hired Sullivan & Cromwell, the Ripple lawsuit would not have happened under Clayton’s watch. Deaton accuses the SEC of picking winners and losers in the cryptocurrency industry and criticizes journalists for not reporting on conflicts of interest at the SEC. Meanwhile, Charles Hoskinson, the founder of Cardano, has also criticized the SEC for what he sees as unfair practices. His critique has resonated with XRP holders who have been frustrated by the ongoing Ripple lawsuit. Marisa Coppel, senior counsel at the Blockchain Association, does not expect the lawsuit to end in a settlement and believes the SEC is determined to take it all the way to the Supreme Court. Ripple CEO Brad Garlinghouse has stated that his company is prepared to do the same.