The recent ruling in the Ripple vs. SEC lawsuit has provided the U.S. crypto industry with some regulatory clarity, as Judge Analisa Torres declared XRP not a security, contrary to what was claimed by the SEC’s. The SEC’s regulatory approach and incompetence have drawn criticism from the entire industry.
Tony Edward, the Founder & Host of the Thinking Crypto Podcast has recently brought the community’s attention to the former SEC Chairman Jay Clayton who filed the lawsuit against Ripple and resigned shortly after the lawsuit was initiated. However, now that XRP has been declared not a security, Clayton has seemingly disappeared from the spotlight. In response to this, Attorney John Deaton has provided his insights.
Attorney John Deaton Raises Questions About Jay Clayton’s Role in Ripple Lawsuit
Replying to the tweet by Tony Edward, Pro-XRP Attorney John Deaton has explained that both Jay Clayton and William Hinman have not yet commented on the recent Ripple ruling. Deaton further highlights that Clayton was the sole commissioner who reviewed William Hinman’s infamous “Hinman Speech,” which provided some guidance on the regulation of different digital assets.
Clayton allegedly met with Gary Gensler, the SEC Chairman, the day before filing a complaint against Ripple. This complaint was overly broad and absurdly asserting that the software code itself was considered a security.
It appears like Deaton is suggesting that there might be a connection between Clayton’s actions and his meeting with Gensler. There might be a deeper involvement or motive behind the filing of the complaint against Ripple.
In response to Deaton, several community members have responded. Some have questioned the whereabouts of Jay Clayton remarking that he has been hiding post the Ripple Judgement due to embarrassment. Some others have expressed their dissatisfaction with the regulatory system calling it ‘rigged’.
Source: https://coinpedia.org/news/xrp-news-questions-raised-over-former-sec-chairmans-role-in-ripple-lawsuit-after-recent-ruling/