Can The Former SEC Chair Jay Clayton Weigh in on The Ripple vs SEC Lawsuit?

The XRP community has criticized former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton for allegedly misrepresenting Judge Torres' decision regarding XRP's status as a security in the ongoing Ripple vs. SEC lawsuit.

Dissatisfaction In The Ripple Community

Trouble started after the Ripple community voiced its dissatisfaction with former SEC Chair Jay Clayton's remarks about Judge Torres' decision in the Ripple vs. SEC lawsuit in an interview with Henri Arslanian, co-founder of Nine Blocks.

During the interview, Clayton remarked that the SEC intended to appeal the Torres decision imminently. Bill Morgan, a lawyer supportive of XRP, responded to Clayton's remarks by accusing Clayton of attempting to straddle both sides of the issue since his departure from the SEC.

Morgan implied that Clayton's prediction of the SEC appealing the Torres decision may stem from his continued connections within the SEC.

Members of the XRP community, including Mr. Huber, questioned Jay Clayton's decision to comment on the Ripple vs. SEC lawsuit.

They highlighted the nearly three-year legal battle initiated by Clayton before his departure from the SEC and criticized his apparent inconsistency regarding discussing the lawsuit, pointing out alleged falsehoods regarding his meetings with Apollo Global Management.

Brad Garlinghouse, CEO of Ripple, strongly criticized Jay Clayton for what he perceives as hypocrisy regarding discussions surrounding corporate litigation and the SEC's role in such matters.

Joe Deaton’s Comments About Jay Clayton

John Deaton expressed his outrage over Jay Clayton's actions, citing a Rolling Stone Magazine article from 2017 that labeled Clayton as "the Most Conflicted SEC Chair Ever''.

Deaton acknowledged the impossibility of subpoenaing a former SEC Chairman for trial but argued that the SEC erred significantly in charging Ripple executives.

Furthermore, he asserted that Jay Clayton aimed to personally charge executives in a "non-fraud" case. However, the SEC recently dropped charges against Brad Garlinghouse and Chris Larsen.

He maintains that Jay Clayton is indeed a crucial witness and should be called upon to testify in court. Clayton had meetings with Ripple's CEO and CTO, during which time Brad Garlinghouse expressed that "Ripple is living in purgatory" following the Hinman speech.