- Bill Hinman and Jay Clayton turn in support of Ripple Labs.
- Clayton has served as an advisor for Electric Capital.
- Hinman joined the board of a16z.
Eleanor Terrett, a journalist, recently tweeted that the former Director of the SEC Division of Corporation Finance Bill Hinman, and former SEC chairman Jay Clayton are inadvertently supporting Ripple Labs.
Hinman and Clayton have turned in support of Ripple through their associations with Electric Capital and a16z which are both members of the Crypto Council for Innovation. Clayton has served as an advisor for Electric Capital since August of this year.
On the other hand, Hinman joined the board of a16z. Both of these companies are members of the Crypto Council.
Earlier yesterday, Crypto Council filed Amicus briefs in support of Ripple Labs in the SEC vs. XRP litigation. The Crypto Council was among the four who requested to file an amicus brief to support Ripple Labs.
The crypto Twitter community was flabbergasted after tweets of Hinman and Clayton’s association with the Crypto Council went public. Several Twitter users questioned why the two former SEC associates stepped up to support Ripple at this lawsuit stage.
Twitter entertainment profile, Digital Asset Investor, took a dig at the two individuals by questioning their motive behind the move:
This is the heart of the matter GaryGensler is protecting his career advancement. Bill Hinman and Jay Clayton were protecting ????? None of them were protecting investors. Congress Where Are You?
In other news, the SEC Chairman, Gary Gensler, in a recent interview, criticized the crypto-industry yet again. The chairman has made remarks on the industry for heading towards centralization while shielding behind the decentralized wings.
Even though cryptos trade decentralized digital assets, many centralized exchanges (CEX) are in a position to earn disproportionately from their trading activity.
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