- Former SEC Chairman Jay Clayton recently highlighted the misconduct by the securities regulator.
- Clayton believes that federal agencies should only initiate cases that will win based on merit.
- Crypto lawyer John Deaton pointed out that the judge overseeing SEC v Ripple expressed similar concerns.
Jay Clayton, former Chairman of the U.S. Securities and Exchange Commission (SEC), recently accused the securities regulator of engaging in questionable conduct that according to him goes against the ethos of federal agencies. Clayton’s comments came during an interview with CNBC’S Squawk Box.
Gemini co-founder Cameron Winklevoss took to Twitter earlier today to share an excerpt from former SEC Chair Jay Clayton’s recent interview. As per the crypto entrepreneur’s tweet, Clayton claimed that the SEC had a “deeply un-American ethos” under its current chairman Gary Gensler. Winklevoss accused the regulator of abusing its power.
Jay Clayton took issue with the SEC’s recent conduct in the context of the enforcement actions against crypto entities. He accused the securities regulator of filing lawsuits just for the sake of active litigation, despite knowing that they may lose. According to the former Chair, this sort of conduct was acceptable among private litigants and not federal agencies.
“If we’re not losing cases, if we’re not being pushed back on by the courts, we’re not doing enough. Unless we’re losing, we’re not bringing enough cases,” Jay Clayton stated while describing the SEC’s current attitude towards the crypto industry.
Crypto lawyer John Deaton retweeted Cameron Winklevoss’ tweet of Jay Clayton’s interview earlier today. Deaton pointed out that the judge overseeing the SEC’s lawsuit against Ripple expressed similar concerns about the regulator’s conduct.
The crypto lawyer was referring to the statement by federal Judge Sarah Netburn from February 2023. At the time, Judge Netburn stated that the SEC was adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law.
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