- Multiple experts have criticized the SEC for indiscriminately going after establishments.
- Jay Clayton described the ethos of the current SEC Chair as un-American.
- Steven Neyaroff thinks there is unprecedented ongoing corruption at the SEC.
Multiple experts have criticized former SEC Chair Jay Clayton and his successor, Gary Gensler, for indiscriminately going after establishments. Clayton came under fire after a crypto expert dug up an old interview where he criticized the regulatory organization for losing court cases.
Cameron Winklevoss, co-founder of Gemini crypto exchange, shared the video where Clayton described the ethos of the current SEC Chair as un-American. Clayton said that under Gensler, the SEC is abusing its powers by maintaining the idea that they aren’t suing enough businesses unless they are losing cases.
According to Clayton, that idea is a fundamental shift from how Americans view the role of the government. He thinks it is improper for the government to initiate cases they are uncertain about winning. The former SEC Chair believes that having state powers should make a difference under the circumstances.
Steven Neyaroff, a renowned crypto expert, thinks there is unprecedented ongoing corruption at the SEC, of which he does not exempt Clayton as the former Chair of the establishment. According to Neyaroff, his effort to expose corrupt practices at the SEC attracted a four-year multi-agency prosecution against him for a crime he proved they fabricated. According to Neyaroff, Clayton was in charge of the SEC during the prosecution and also initiated the case against Ripple.
Charles Gasparino, Senior Correspondent at FOX, accused Neyaroff of raising a conspiracy theory after he warned FOX News against protecting Clayton. Gasparino threatened to sue Neyaroff over the allegation. However, Bill Morgan, another renowned crypto expert, responded to Gasparino in support of Neyaroff.
Morgan thinks it was irresponsible for the former SEC Chair to sue Brad Garlinghouse and Chris Larsen on his last day in office, only for his successor to spend millions pursuing them and then dismissing the case with prejudice.
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