Former SEC Chairman Jay Clayton and former CFTC Chair Tim Massad in a Wall Street Journal article “A path forward for regulating crypto markets” offered recommendations for regulating crypto in the US. They argue that enforcement action is part of the solution and more needs to be done for investor protection and market integrity.
The U.S. Securities and Exchange Commission (SEC) under current chairman Gary Gensler has taken the path previously set Jay Clayton, who filed a lawsuit against Ripple in December 2020 before his term expires.
“…enforcement measures alone are unlikely to significantly improve investor protection and market integrity anytime soon.”
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Ripple (XRP) and Cardano (ADA) lead the crypto community Jay Clayton for suggesting a path to regulate crypto. Cardano influencer Dan Gambardello said Jay Clayton pretends to care about crypto every now and then didn’t care when he was actually the chairman of the SEC.
XRP Attorney John E. Deaton argues Jay Clayton had prominent commissioners Elad Roisman and Hester Pierce who are crypto savvy and voted to provide regulatory clarity. However, he failed to provide a path to foster innovation and actually take steps to protect investors.
“But Jay Clayton, like Bill Hinman, was more interested in cashing in on his position and maintaining an opaque regulatory environment. Immediately after leaving the SEC, Clayton joined One River and has been involved in the digital asset space ever since, while his friend Hinman joined the a16z group,” Deaton said.
Thinking Crypto Podcast host Tony Edward also criticized Jay Clayton, as he talked about enforcement action, “is not likely to improve investor protection.” He claims that on his last days with the SEC filed a lawsuit against Ripple and hurt small investors who hold on XRP. In addition, he did not approve a mock Bitcoin ETF or with Congress to pass clear rules.
XRP holders await summary judgment in SEC vs Ripple case, with Ripple CEO Brad Galinghouse and CLO Stuart Alderoty confident of winning the lawsuit. The community has expressed concern that Judge Torres is taking forever to announce a summary judgment.
XRP price has moved mostly sideways this week and 0.5% over the past 24 hours, with the price currently trading at $0.46. The market cap and trading volume have also remained flat over the last 24 hours. CoinGape previously reported that the XRP price could rise 600% after the ruling.
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Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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This post Ripple (XRP), Cardano (ADA) Community Lambasted Ex-SEC Chairman Jay Clayton
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