Former SEC Chair Jay Clayton criticized for the lack of crypto regulation clarity
Former Chair of the U.S. Securities and Exchange Commission (SEC) is being blamed by crypto attorney John Deaton for the lack of regulatory clarity in the digital asset business.
John Deaton is calling out Jay Clayton after the former SEC chair’s Wall Street Journal essay on crypto regulation.
Clayton argues in his piece that the United States should provide regulatory certainty in the crypto area and beat China in the race to upgrade the global financial system. However, according to Deaton, Clayton did the exact opposite while he was in charge of the SEC.
“To Mr. Clayton, In comparison to others, you were Chairman and Elad Roisman and Hester Peirce were crypto-friendly. Instead of encouraging innovation, you have created regulatory ambiguity.
Now, you’re being hired as a consultant to assist businesses in navigating uncertainty. It appears that you are benefiting from the lack of clarity that you have contributed to.
Regarding your opinion piece titled “The Peculiar Challenges of Crypto Regs,” I think you weren’t up to the task.”
Deaton further asserts that Clayton went out of his way to prolong regulatory ambiguity, notably over XRP, which the SEC sued over in December 2020.