Ripple CEO Blasts Former SEC Chairman, Here’s Why

Share This Post

Ripple’s CEO Brad Garlinghouse didn’t hold back when he hit out at the former Securities and Exchange Commission (SEC) Chair Jay Clayton following the latter’s recent interview where he spoke on the current regulatory landscape and alluded to the SEC’s abuse of power.

Why Ripple CEO Lashed Out At Clayton

In response to an interview of Clayton which resurfaced on social media, Garlinghouse posted on his X (formerly Twitter), calling out the former SEC Chair for his hypocrisy while labeling it as “shocking.” The reason for Garlinghouse’s anger isn’t farfetched as he seemed surprised that someone like Clayton could sit and have an interview where he talked about abuse of power.

Just like the Ripple CEO highlighted, Jay Clayton was the SEC chair when the SEC’s case against Ripple and its executives Garlinghouse and Chris Larsen was instituted. Considering how the case has panned out so far, one could argue that Clayton also abused his power as the case against Ripple’s executives seemed frivolous and the claims “baseless”, just like Larsen stated

The ETH Gate saga also suggests that the SEC, under Clayton’s leadership, had other motives for instituting an action against Ripple and its executives. In fact, pro-XRP legal expert Fred Rispoli had once hinted at Clayton’s abuse of power when he stated that the SEC’s credibility might be questioned if the former SEC Chair was called to the stand in the Commission’s case against Ripple. 

John Deaton Doesn’t Hold Back Against SEC

In a post on his X platform, pro-XRP legal expert John Deaton also called out Jay Clayton, labeling him a “total fraud.” Deaton was reacting to a clip from the DACOM Summit in 2021 where Clayton seemed to suggest that he wasn’t responsible for the SEC’s enforcement actions as the decision on whether or not to institute a lawsuit was made by his staff. 

Deaton noted that Clayton “controlled the money and the agenda” as the SEC Chair and could have decided not to file the case against Ripple on his “very last day” in office if he didn’t want to. He alluded to how Clayton was compromised as he went on to advise One River to place its $1 billion bet on Bitcoin and Ethereum

The lawyer also mentioned that Clayton could have also done the right thing (but he chose not to) when he noticed that there was a conflict of interest in the exercise of his power since his law firm was representing Consensys, a company owned by Ethereum’s co-founder Joseph Lubin

Deaton believes the right thing Clayton should have done was choose not to vote for enforcement action against his law firm’s biggest competitor and possibly “rescue himself” in the process. 

Ripple XRP price chart from Tradingview.com (Ripple CEO SEC chariman)

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Spot Is King – STH Selling Pressure Expected To Be Absorbed By ETFs

Bitcoin has experienced a whirlwind of volatility following its recent all-time high of $93,483 set on Wednesday Over the past few days, the price has oscillated between this record level and a low

QCP Sees Bitcoin Momentum Pushing Toward $120K Despite Market Hazards

An analysis from QCP Capital highlights bitcoin’s latest breakout and future trends QCP: Bitcoin’s Rally Tied to Inflation Data, Trump Policies, and Market Shifts Bitcoin (BTC) achieved

Holders Less Likely to Sell Low Cap Meme Coins Knowing Binance, Coinbase Listings Could Happen – Could PEPU, STARS List Next?

As Binance welcomes obscure, lower-market-cap meme coins, the opportunity for everyday retail traders to make life-changing money is growing Peanut the Squirrel and ACT I: The AI Prophecy were listed

VanEck’s Top Researcher Predicts $180,000 Bitcoin Bull Run Top: Here’s When

In a recent interview on CNBC’s “Squawk Box,” Matthew Sigel, Head of Digital Assets Research at VanEck, predicted that Bitcoin’s current rally is “just getting

Bitcoin Rally Imminent? Major Firms and States Make Bold Moves

The post Bitcoin Rally Imminent Major Firms and States Make Bold Moves appeared first on Coinpedia Fintech News After a notable upside rally across the cryptocurrency industry, the market is now

Aave Considers Partnership With Bitcoin-Based Spiderchain

Aave, a leading decentralized finance (defi) protocol, may soon expand its footprint in the Bitcoin ecosystem with a proposal to deploy its Version 3 (V3) on the Spiderchain network Governance