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Jay Clayton shows support for crypto entrepreneurs, shifts focus on technology

Finance - Investing
Thought Leader: Jay Clayton
November 27, 2023

In a recent turn of events, Jay Clayton, the former Chairman of the U.S. Securities and Exchange Commission (SEC), has expressed support for cryptocurrency entrepreneurs. During a live stream hosted by Crypto Eri, Clayton spoke with the Council on Foreign Relations, emphasizing the need for easier capital raising avenues for small businesses and advocating for broader investor participation across all asset classes.

Clayton’s remarks marked a notable shift from his stance while at the helm of the SEC, where he was known for stringent regulations on cryptocurrencies. He highlighted the importance of focusing on cryptocurrency technology rather than its classification as a security or commodity, which he sees as essential for future regulation.

Reflecting on past Initial Coin Offerings (ICOs), Clayton underscored the importance of ethical trading on regulated platforms. This perspective comes as a surprise to many in the crypto community, including Ripple CEO Brad Garlinghouse, who expressed disbelief at Clayton’s new viewpoint. Garlinghouse pointed out that Clayton initiated a lawsuit against Ripple alleging unregistered securities offerings involving XRP sales right before his tenure at the SEC concluded—a move that significantly affected XRP’s market performance.

Clayton’s comments suggest a more progressive approach towards cryptocurrency regulation and support for innovation within the sector. This could signal a potential shift in regulatory attitudes towards cryptocurrencies in the United States, fostering an environment where technology and ethics in trading are prioritized.

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