SEC Chairman Jay Clayton Goes Out with a Bang
The parting shot leaves the crypto market red, a BTD opportunity.
- US Securities and Exchange Commission Chairman Jay Clayton’s last day as the Wall Street top regulator was on Wednesday.
- While exciting news to the crypto community, Clayton’s parting shot provided the industry with a red market.
On Tuesday, SEC charged Ripple and its former CEO Chris Larsen and current CEO Brad Garlinghouse, after seven years, for selling $1.3 billion unregistered securities offering in 2013.
This resulted in the price of XRP crashing 58% this week. This led to a market-wide sell-off that wiped out $62 billion since Monday when Garlinghouse first reported about the upcoming charges.
However, Bitcoin was largely unaffected, going down to only $22,700 and we are back above $23,000 already.
This crypto carnage can also be seen as a blessing in disguise as it gave investors an opportunity to buy the dips amidst the raging bull market.
Clayton had previously announced that he will be stepping down by the end of this year. In a statement posted on SEC’s website, Clayton said he submitted a letter to President Donald Trump informing him of his decision to leave the agency this week.
While Trump is likely to have ‘Crypto Mom’ Hester Peirce or Elad Roisman as acting Chairman, President-elect will be picking a permanent successor to Cayton. Biden will be sworn in as US President on January 20. Clayton, a former partner at Sullivan & Cromwell, wrote,
“It has been the honor and privilege of my professional life to serving the American people as Chairman of the U.S. Securities and Exchange Commission.”
Clayton praised the SEC for keeping the financial markets function through the coronavirus pandemic and its efforts to modernize regulations. He added,
“The absolute trust and unwavering support you and your economic team provided to me and the 4,500 women and men of the Commission has enabled us to pursue our mission to the benefit of the more than 65 million American households who invest in and depend on our markets.”