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Jay Clayton VS The Crypto Community

SEC vs XRP: The fight continues!

The continuous battle between the SEC and XRP has left a lot of members of the crypto community in agitation. A lot of them blamed Jay Clayton, SEC’s previous chairman, and his team for the lack of transparency when it comes to regulations. The founder of TechCrunch, Michael Arrington, appeared in a latest ‘Thinking Crypto’ interview and shared his view about this.

When he was asked about the SEC lawsuit and the US regulation, Arrington said:

“F*CK the SEC, actually f*ck Clayton, who was a corrupt, basically a government employee who was dishonest in a financial way.”

A very interesting comment. The frustration of Arrington evolved around the reality that the ex-Chairman, Jay Clayton, sued Ripple, and then after that he left and joined a different hedge fund.

jay clayton

Intriguingly, although the recent SEC chairman acquired a decent support from the crypto community, Arrington thinks otherwise; he said “Putting faith in politicians and bureaucrats – not too sure about that.” He is still hopeful about two things:

  • Ripple coming out of this mess as ‘healthy’ mainly cause they deserved to and;
  • Congress and the SEC to work towards more transparency in regulations to clean the frenzy.

Regardless of the developments in XRP, he is still bullish in the long term. He continued:

“What ripple is doing is legitimate, it’s a real company, 100s of employees believe in the mission and sometimes it just boils down to scam coins designed to hurt retail investors, there’s just no evidence of that. Funny people think Ripple is the devil when there are actual scam coins in the top 20 list, they somehow get a pass.”

XRP’s Ongoing Case

He then castigated the use of the Howey test. It is an issue that has never been more relevant than what is happening now. He said:

“I think it’s all securities in the sense of, we’re all buying these things because we’re trying to get into assets that will protect us from what the dollar is doing. But no, we look at the Howey Test, the hundred-year-old test that’s absolutely useless in a modern world. It’s ridiculous…”

XRP is the seventh largest coin. Now it is trading at the $1.03 price level. It then witnessed an increase of around 16.39% in the last 24 hours. This is after the very needed win that Ripple experienced in court just recently.

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