Former chairman of the Securities and Exchange Commission (SEC) Jay Clayton published a pro-crypto article in the Wall Street Journal arguing that the U.S. government is striking the right balance between maintaining financial stability and promoting innovation should find.
He claims that the US payment system can be modernized with the help of encryption:
“Imagine if capital and human capital were ‘pouring into the valley’ almost instantly if such an effort were announced.”
Clayton also came up with the idea of tokenizing the US treasury market to make it more efficient.
He pointed out that the majority of stablecoins in circulation are pegged to the US dollar, but that this could change quickly in the ongoing race for reserve currencies.
The former SEC chairman predicts that China will expand its influence in global credit and financial settlement markets using cryptographic and digital methods, which Clayton said could disrupt global financial markets.
Although Clayton was criticized during his tenure for failing to approve a Bitcoin Exchange Traded Fund (ETF), the former Wall Street top manager’s crypto-friendly stance won’t surprise anyone after his career this year. In March he became an advisor to the One River Asset Management hedge fund, which holds significant holdings in Bitcoin and Ether. In August, Clayton joined the Israeli crypto-custody company Fireblock.
However, according to the article, members of the XRP community accused Clayton of hypocrisy for filing a lawsuit against Ripple that resulted in a massive slump in XRP price last December.
Source: TradingView
Attorney John E. Deaton, who led the XRP Army’s intervention efforts, phone call The act is “unbelievable”.
So does Ripple CEO Brad Garlinghouse comment of the article with reference to “Ironic,” a 1996 hit by Canadian-American singer Alanis Morissette.
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