Ripple Lawyer John Deaton Says Former SEC Chair Lacks Clarity On Crypto Regulation

Crypto attorney John Deaton blames the lack of regulatory clarity in the digital asset business on the former Chair of the United States Securities and Exchange Commission (SEC).

John Deaton is criticizing Jay Clayton after the former SEC Chair published an article about cryptocurrency regulation in the Wall Street Journal. Clayton says in his article that the United States should try to establish regulatory certainty in the crypto area and beat China to modernize the global financial system.

Deaton, on the other hand, claims that Clayton did the exact opposite when he was SEC chair.

John Deaton told Clayton:

“Dear Jay Clayton,

You were Chairman and Elad Roisman and Hester Peirce were crypto-friendly compared to others (including you). Instead of fostering innovation, you fostered an environment of regulatory uncertainty.

Now, you’re landing jobs to serve as an advisor to help companies navigate the uncertainty. It seems as though you’re benefitting from the lack of clarity you helped create.

As for your op-ed, ‘The Peculiar Challenges of Crypto Regs,’ I guess you weren’t up to the challenge.”

Deaton also claims Clayton went out of his way to foster regulatory confusion, notably with regard to XRP, which the SEC is suing over in December 2020.

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