Former SEC Chair Jay Clayton Faces Criticism Over Bitcoin ETF Comments

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XRP lawyer John Deaton has publicly criticized former SEC Chair Jay Clayton, accusing him of prioritizing his personal interests over his regulatory duties. Deaton’s remarks come in response to Clayton’s recent statement in a Sept. 1 interview with CNBC that the approval of a Bitcoin ETF is “inevitable.” 

Jay Clayton Anti-Crypto? John Condemns His Unethical Actions

Clayton’s statement suggests optimism regarding the future of Bitcoin ETFs, even though specific approval timelines remain uncertain. The SEC has been evaluating various Bitcoin ETF applications, and the delays in decision-making have been attributed to the need for additional time to assess these proposals and their potential impact on the market. 

“Bitcoin is clearly not a security. Bitcoin clearly attracts consumers and institutional investors.” Clayton

In response to his comments, Deaton, known for his active engagement on Twitter, has been vocal in his criticism of various anti-crypto entities, including the SEC and certain politicians. He specifically focused his attention on Clayton, stating, “I will never let Jay Clayton off the hook.”

In 2017 Rolling Stone Magazine stated Clayton “the Most Conflicted SEC Chair Ever.” Clayton was nominated for the position by then-U.S. President Donald Trump. 

Exposing the Dark Web of Illicit Activities

In his post, Deaton spilled the beans on the dark secret between CSC (Corporation Service Company) and Jay Clayton, a highly controversial topic during Clayton’s tenure as SEC Chair. Notably, Clayton’s family has ties to CSC, CSC, an agent utilized by thousands of firms, many of which list CSC’s address as their official address. This raised concerns about potential misuse and illicit activities. Yet another US official with rumors of being associated with illegal activities, Where are we going? 

Deaton also noted how these CSCs have helped create shell firms and other questionable vehicles for tax fraud and money laundering. CSC also received China’s first foreign-owned domain registrar license. 

Deaton is frustrated with Jay Clayton because he believes he puts his personal interests before his regulatory duties. This critique appears to stem from Deaton’s previous talks and investigations into Clayton’s connections to WMB Holdings, Delaware Trust, and CSC.

Investors Brace For the Impact

Bitcoin’s price correction, tumbled below $26,000, was influenced by the SEC’s delay in approving spot Bitcoin ETFs. However, positive regulatory news earlier led to an 8% surge but failed to break the $30,000 resistance. There is speculation that a “bull trap” arose due to rapid price fluctuations and a bearish pattern. Currently, Bitcoin is trading at $25,840, showing uncertainty about its future direction.