John Deaton and Ripple CTO Shun Gary Gensler’s Regulation. It discusses John Deaton’s criticism of Gary Gensler’s definition of security. Gensler believes that if an asset is being promoted by someone, it transforms the asset into a security. Deaton argues that this is not the case and that US securities laws do not apply to the purchase of an asset for non-investment use cases. Ripple CTO David Schwartz also criticized Gensler’s lack of clarity in his perceptions of securities.