Ripple Vs SEC: The XRP community slams former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton for spinning Judge Torres’ decision in Ripple vs SEC lawsuit that XRP is not itself a security.
Former SEC Chair Jay Clayton faces backlash from the XRP army after he commented on Judge Torres’ Ripple vs SEC lawsuit decision in an interview with Henri Arslanian, co-founder of Nine Blocks. He claims the SEC will appeal the Torres decision soon.
Pro-XRP lawyer Bill Morgan reacted to Clayton’s comments saying he is taking both sides after resigning from the SEC. He added that “certainly the SEC will appeal the Torres decision. I am sure he still has close contacts at the SEC.”
Community members including Mr. Huber questioned why Jay Clayton talked about the Ripple vs SEC lawsuit. The close to 3-year lawsuit Ripple battled was brought by Clayton before leaving the SEC, denying that he could not talk about the lawsuit. However, Jay Clayton discussed it multiple times and lied about meeting with Apollo Global Management, asserts the XRP community.
Ripple CEO Brad Garlinghouse lashed out against Jay Clayton for showing hypocrisy when it comes to discussions around corporate litigation and the agency’s role.
John Deaton cited Rolling Stone Magazine’s coverage of John Clayton’s election as the SEC Chair. The Rolling Stone coverage from 2017 called Clayton “the Most Conflicted SEC Chair Ever.”
Deaton agreed that there was no chance to subpoena a former SEC Chairman for a trial. However, he believed the SEC made a huge mistake charging Ripple executives. Jay Clayton wanted to file a complaint against executives personally in a “non-fraud” case. The SEC recently dropped the charges against Brad Garlinghouse and Chris Larsen.
However, he asserts Jay Clayton in fact is a significant witness and should testify in court. Clayton met with Ripple’s CEO and CTO, where Brad Garlinghouse said “Ripple is living in purgatory” after the Hinman speech.
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