Ripple (XRP), Cardano (ADA) Community Lambasted Ex-SEC Chair Jay Clayton

Former SEC Chairman Jay Clayton and former CFTC Chairman 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 enforcement actions are part of the solution and more needs to be done for investor protection and market integrity.

The US Securities and Exchange Commission (SEC) under current Chairman Gary Gensler has taken the path earlier set by Jay Clayton, who filed a lawsuit against Ripple in December 2020 before his term ends.  

“…enforcement actions, in themselves, are unlikely to bring about a significant improvement in investor protection and market integrity quickly.”

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Ripple (XRP) and Cardano (ADA) lead the crypto community lambasting Jay Clayton for suggesting path forward to regulate crypto. Cardano influencer Dan Gambardello said Jay Clayton acting like he cares about crypto now and didn’t care when he was actually the Chairman of the SEC.

XRP lawyer John E. Deaton argues Jay Clayton had prominent Commissioners Elad Roisman and Hester Pierce who has crypto knowledge and voted to provide regulatory clarity. However, he failed to provide pathway then to allow innovation to foster and actually taking steps to protect investors.

“But Jay Clayton, like Bill Hinman, was more interested in cashing in on his position and by maintaining an opaque regulatory environment. Immediately after leaving the SEC, Clayton joined One River and has been involved in the digital asset space since, while his buddy Hinman joined the a16z group,” said Deaton.

Thinking Crypto Podcast host Tony Edward also criticized Jay Clayton for talking about enforcement actions are “unlikely to improve investor protection”. He asserts that Clayton on his last days at the SEC filed a lawsuit against Ripple and hurt retail investors holding XRP. In addition, he did not approve a spot Bitcoin ETF or with Congress to pass clear regulations.

XRP holders awaits summary judgment in SEC vs Ripple case, with Ripple CEO Brad Galinghouse and CLO Stuart Alderoty confident about victory in the lawsuit. The community has voiced concerns of Judge Torres taking forever to announce summary judgement.

XRP price is mostly moved sideways this week and 0.5% in the past 24 hours, with the price currently trading at $0.46. The market cap and trading volume also remain flat in the last 24hrs. CoinGape earlier reported that XRP price can rally 600% after the judgment.

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