Crypto attorney John Deaton is looking at the former Chair of the U.S. Securities and Exchange Commission (SEC) for the lack of regulatory clarity in the digital asset industry.
John Deaton is calling out Jay Clayton after the former SEC Chair wrote an article in the Wall Street Journal about crypto regulation.
In Clayton’s article, he argues that the US should work to establish regulatory clarity in the crypto space and beat China in the race to modernize the global financial infrastructure.
However, Deaton says that Clayton did the exact opposite of that when he had the power to do as SEC chair.
“Dear Jay Clayton,
You were Chairman and Elad Roisman and Hester Peirce were crypto-friendly compared to others (including you). Instead of fostering innovation, you fostered an environment of regulatory uncertainty.
Now, you’re landing jobs to serve as an advisor to help companies navigate the uncertainty. It seems as though you’re benefitting from the lack of clarity you helped create.
As for your op-ed, ‘The Peculiar Challenges of Crypto Regs,’ I guess you weren’t up to the challenge.”
Deaton also says Clayton went out of his way to perpetuate regulatory confusion, specifically affecting XRP, which the SEC targeted in a lawsuit in December of 2020.
Says Deaton,
“Jay Clayton intentionally chose to NOT implement an era of regulatory clarity.”
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