"What The Heck Was Happening At Clayton’s SEC? Time For Some Answers."
While at the helm of the U.S. Securities and Exchange Commission (SEC), former Chairman Jay Clayton made a mess of the digital economy. Clayton’s actions in office resulted in stalling U.S. cryptocurrency and blockchain innovations, dampening a burgeoning industry, and enabling China to race out in front. Digital money is here to stay, and instead of making efforts to provide clarity and structure for the future of American-made innovation in this space, Clayton’s SEC kept everyone guessing on the rules while picking clear winners and losers among the biggest coins.
But what if Clayton’s approach was intentional? What if the lawsuits, the flip-flopping, and the uncertainty all weren’t from a lack of knowledge or resources but rather a well-thought-out strategy to advance his financial interests?
On December 22, Clayton dropped an 11th-hour lawsuit against crypto innovator Ripple Labs. The announcement of this lawsuit came just 12 hours before Clayton resigned from the SEC. As with other administrations, Clayton may have hoped to file the suit and walk away, never to hear of it again. But his decision to sue Ripple labs sent shockwaves throughout the crypto community, and after a closer look, it appears Clayton left us clues that point to a larger story reeking of self-dealing, possibly even corruption.