XRP lawyer John Deaton has accused former SEC Chair Jay Clayton of prioritizing personal interests over regulatory duties. This follows Clayton’s recent statement to CNBC, where he said the approval of a Bitcoin ETF is “inevitable.”
Former SEC Chair Jay Clayton’s recent statement expresses optimism about the future of Bitcoin ETFs, although approval timelines remain uncertain. The SEC has been evaluating multiple Bitcoin ETF applications, with delays attributed to the need for thorough assessment of their market impact.
Clayton emphasized that Bitcoin is not a security and appeals to both consumers and institutional investors. In response, John Deaton, a vocal crypto advocate, criticized Clayton on Twitter, vowing not to let him off the hook.
In 2017, Rolling Stone Magazine labeled Clayton “the Most Conflicted SEC Chair Ever.” He was nominated for the position by former U.S. President Donald Trump.
Revealing the Illicit Underworld of the Dark Web
In his post, Deaton unveiled a dark secret involving CSC (Corporation Service Company) and Jay Clayton, a controversial issue during Clayton’s time as SEC Chair. Notably, Clayton’s family has connections to CSC, a company used by numerous firms that often list CSC’s address as their official one, sparking concerns about potential misuse.
Deaton also highlighted how CSCs have been involved in setting up shell companies and questionable entities for tax fraud and money laundering. Additionally, CSC secured China’s first foreign-owned domain registrar license, adding to the complexity of the situation.
No they can’t Wendy. Jay Clayton today said he wouldn’t allow a spot ETF because he wasn’t convinced it couldn’t be manipulated. But now that BlackRock and other “trusted institutions” are involved it’s ok for retail to have exposure now. He literally admitted that’s how it…
— John E Deaton (@JohnEDeaton1) September 1, 2023
Deaton criticizes Jay Clayton for prioritizing personal interests over regulatory duties. This frustration arises from Deaton’s investigations into Clayton’s ties to WMB Holdings, Delaware Trust, and CSC.
Investors Prepare for the Impact
Bitcoin’s price fell below $26,000 due to the SEC’s delay in approving spot Bitcoin ETFs. Earlier positive regulatory news sparked an 8% surge but couldn’t breach the $30,000 resistance. Rapid price fluctuations and a bearish pattern have led to speculation of a “bull trap.” Currently, Bitcoin trades at $25,840, signaling uncertainty in its future direction.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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