Former SEC Chairman Jay Clayton and former CFTC Chairman Tim Massad in a Wall Street Journal article “A Path Forward for Regulating Crypto Markets” provided suggestions for regulating crypto within the US. They argue enforcement actions are a part of the answer and extra must be completed for investor safety and market integrity.
The US Securities and Exchange Commission (SEC) underneath present Chairman Gary Gensler has taken the trail earlier set by Jay Clayton, who filed a lawsuit in opposition to Ripple in December 2020 earlier than his time period 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 group lambasting Jay Clayton for suggesting path ahead to manage crypto. Cardano influencer Dan Gambardello said Jay Clayton appearing like he cares about crypto now and didn’t care when he was truly the Chairman of the SEC.
XRP lawyer John E. Deaton argues Jay Clayton had distinguished Commissioners Elad Roisman and Hester Pierce who has crypto information and voted to offer regulatory readability. However, he failed to offer pathway then to permit innovation to foster and truly taking steps to guard traders.
“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,” mentioned Deaton.
Thinking Crypto Podcast host Tony Edward additionally criticized Jay Clayton for speaking about enforcement actions are “unlikely to improve investor protection”. He asserts that Clayton on his final days on the SEC filed a lawsuit in opposition to Ripple and harm retail traders holding XRP. In addition, he didn’t approve a spot Bitcoin ETF or with Congress to cross clear rules.
XRP holders awaits abstract judgment in SEC vs Ripple case, with Ripple CEO Brad Galinghouse and CLO Stuart Alderoty assured about victory within the lawsuit. The group has voiced considerations of Judge Torres taking without end to announce abstract judgement.
XRP price is usually moved sideways this week and 0.5% prior to now 24 hours, with the value at present buying and selling at $0.46. The market cap and buying and selling quantity additionally stay flat within the final 24hrs. CoinGape earlier reported that XRP value can rally 600% after the judgment.
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