- Clayton’s Ripple legacy
- Clayton’s pro-crypto stance
Jay Clayton, the previous U.S. Securities and Trade Fee (SEC) chairman who approved the company’s landmark lawsuit in opposition to Ripple, has formally been sworn in as the brand new U.S. Director of Nationwide Intelligence (DNI).
The swearing-in ceremony was introduced Tuesday by White Home Particular Assistant Margo Martin after Clayton secured Senate affirmation in a slim 51-47 vote.
He now turns into the nation’s high intelligence official. Clayton might be liable for overseeing the U.S. intelligence neighborhood after succeeding Tulsi Gabbard.
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Clayton’s Ripple legacy
For the cryptocurrency business, nonetheless, Clayton’s identify stays intently related to the infamous lawsuit in opposition to Ripple,
On Dec. 22, 2020, the regulator filed its high-profile lawsuit in opposition to Ripple Labs, CEO Brad Garlinghouse, and Government Chairman Chris Larsen. This was Clayton’s final day as the top of the company.
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Clayton left the SEC instantly afterward, however the case continued underneath his successor, Gary Gensler, earlier than Ripple in the end secured a sequence of main courtroom victories that reshaped the SEC’s method to crypto enforcement.
Clayton’s pro-crypto stance
Paradoxically, Clayton’s relationship with the digital asset business modified considerably after leaving the SEC.
In March 2021, he joined the advisory council of One River Asset Administration, whose digital asset division was centered on Bitcoin and Ethereum investments.
Simply months later, he additionally joined the advisory board of crypto infrastructure firm Fireblocks. On the time, Clayton described Fireblocks as “a pacesetter within the evolving digital asset area” and argued that digital asset custody ought to attempt for stronger regulatory certainty whereas sustaining institutional-grade safety.
Since leaving workplace, Clayton has additionally expressed optimism about blockchain. He has additionally voiced help for growing clear guidelines for stablecoins, decentralized finance and Bitcoin exchange-traded merchandise.
Extra not too long ago, Clayton predicted that complete U.S. cryptocurrency laws would possible emerge underneath the present administration.