U.S. Securities and Exchange Commission Chairman Jay Clayton will step down from his position at the end of the year, the agency said in a statement on Monday.
Jay Clayton said in a statement:
“I am proud of our collective efforts to advance each part of the SEC’s tripartite mission, always with an eye on the interests of our Main Street investors.”
Jay Clayton always danced around the question as to whether or not XRP was a security. Jay Clayton will always be remember to the crypto community as the guy who has given clearance to 2 china controlled digital assets, but was always to afraid to make judgement on XRP. Jay believes that Bitcoin (BTC) is not a security since it acts as a replacement for sovereign currencies.
Clayton, when speaking about the “incredible promise” of distributed ledger technologies driving efficiencies in markets, clarified during today’s CNBC interview his thoughts on cryptocurrencies that are “replacements for sovereign currencies:”
“Replace the dollar, the yen, the euro with Bitcoin. That type of currency is not a security.”
In our eyes, this move has been overdue. The crypto space is lacking regulations and clarity and we need someone to step in who will not shy away.