XRP community members slam Jay Clayton for condemning the ongoing SEC’s enforcement actions despite suing Ripple in his last days in office.
XRP community members have taken to Twitter to slam former SEC Chair Jay Clayton over his comments in a recent CNBC interview.
A must watch. Former SEC Chairman Jay Clayton describes the new and deeply un-American ethos of the @SECGov under @GaryGensler — if we're not losing cases, we aren't suing enough businesses. This is a total abuse of power. pic.twitter.com/G0HxL4s8Y1
— Cameron Winklevoss (@cameron) June 28, 2023
Clayton Condemns SEC’s Enforcement Actions
Yesterday, co-founder of Gemini cryptocurrency exchange Cameron Winklevoss shared a short video clip of Clayton criticizing the ongoing abuse of power by leaders of regulatory organizations like the SEC.
“Let’s take this to a very high level on a regulatory side. What you’re hearing from the leaders of the regulatory organizations is, ‘if we’re not losing cases, if the courts are not pushing us back, we are not doing enough,” said Clayton.
Interestingly, Clayton finds the new ethos absurd while describing it as a “fundamental shift in how Americans view the role of the government.”
In addition, the former SEC Chair said he would not want to reside where the government brings cases they have no confidence in winning.
“You’re supposed to bring cases and only make rules that you think will pass judicial muster,” he added.
Clayton made the remark in the wake of the SEC’s increased enforcement actions against the crypto industry. Recall that the regulatory agency recently filed lawsuits against famous crypto exchanges, including Coinbase and Binance, while labeling top crypto assets as securities.
XRP Enthusiasts React, Call Clayton a Hypocrite
As expected, Clayton’s remark attracted backlash from XRP enthusiasts and the entire crypto community. Several XRP enthusiasts reacted to the video by bashing the former SEC Chair.
Some XRP enthusiasts described Clayton as a hypocrite who seemed to have forgotten his last days in office, where he charged Ripple with offering unregistered securities in the form of XRP.
Block Digital co-founder Santiago Velez is among those who see Clayton as a hypocrite. According to Velez, Clayton sued Ripple a day before he retired from the SEC despite knowing that the SEC had a good chance of losing the case on the Howey test.
What an amazing hypocrite. He brought a case against @ripple one day before retiring knowing full well @SECGov had a good chance of losing on Howey prongs, all to support insiders. His audacity is incomprehensible.
— Santiago Velez ☀️ ?☠️? (@Santiag78758327) June 28, 2023
Good Morning Crypto, the official Twitter account of the 3T Warrior Academy Research team, called the former SEC Chair “a wolf in sheep’s clothing.” According to the handler, Clayton is trying to change the narrative from how he acted at the end of his tenure.
It added that SEC Chair Gary Gensler is only following Clayton’s regulatory approach.
Former SEC Chairman Jay Clayton is a Wolf in sheep‘s clothing.
Changing his narrative completely from how he acted at the end of his tenure at the SEC.
This is the man responsible for filing charges against Ripple (Days Before Exiting) for selling unregistered securities.… https://t.co/pC2gdb6EIA
— Good Morning Crypto (@3TGMCrypto) June 28, 2023
Similarly, top XRP community member XRPcryptowolf named Clayton “the biggest hypocrite ever.”
Jay Clayton sued #Ripple over #XRP so he’s definitely the biggest hypocrite ever https://t.co/wGpZTASRu9
— XRPcryptowolf (@XRPcryptowolf) June 28, 2023
Furthermore, founder of the Thinking Crypto podcast Tony Edward said his comment about Clayton when he sued Ripple is still valid.
It is worth noting that in a December 22 tweet, Edward called the former SEC chair a “fu**ing as**ole.”
I guess my comment about Jay Clayton from when he filed the Ripple lawsuit still stands. https://t.co/Rbn87rKosM
This guy is something else https://t.co/ipHjJAuzDC
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) June 28, 2023
Other Crypto Enthusiasts Bash Clayton
In addition, HASHR Ventures took to Winklevoss’ comment section to react to Clayton’s remark. Per HASHR Ventures, Clayton brought enforcement actions against Ripple and XRP for political reasons and is now acting like someone who has found his ethical path back to the law.
Spoken by the duplicitous scoundrel who wants all to believe he’s had a brain retrofit purged of the memory he brought the unjust Ripple/XRP case for political reasons and which now has found its moral / ethical path back to a faithful allegiance to the law.
— HASHR Ventures ☀️ (@khughbreslin) June 28, 2023
Another top crypto enthusiast noted that Clayton tried to shake Ripple using the lawsuit while thinking the blockchain company would fold like an “origami swan.”
However, Ripple didn’t bow to pressure, adding that the SEC seemed to have “bitten more than it can chew.”
#FireGaryGensler… #JayClayton tried to shake #Ripple down thinking they’d fold like an oragami swan. #SECGov bit off more than they can chew on this one. Sucks to suck
— Tim.FireGaryGensler (@TimR614) June 28, 2023
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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