Former SEC Chairman Alleges Misconduct By The Securities Regulator

  • Former SEC Chairman Jay Clayton recently highlighted the misconduct by the securities regulator. 
  • Clayton believes that federal agencies should only initiate cases that will win based on merit. 
  • Crypto lawyer John Deaton pointed out that the judge overseeing SEC v Ripple expressed similar concerns.

Jay Clayton, former Chairman of the U.S. Securities and Exchange Commission (SEC), recently accused the securities regulator of engaging in questionable conduct that according to him goes against the ethos of federal agencies. Clayton’s comments came during an interview with CNBC’S Squawk Box. 

Gemini co-founder Cameron Winklevoss took to Twitter earlier today to share an excerpt from former SEC Chair Jay Clayton’s recent interview. As per the crypto entrepreneur’s tweet, Clayton claimed that the SEC had a “deeply un-American ethos” under its current chairman Gary Gensler. Winklevoss accused the regulator of abusing its power. 

Jay Clayton took issue with the SEC’s recent conduct in the context of the enforcement actions against crypto entities. He accused the securities regulator of filing lawsuits just for the sake of active litigation, despite knowing that they may lose. According to the former Chair, this sort of conduct was acceptable among private litigants and not federal agencies. 

“If we’re not losing cases, if we’re not being pushed back on by the courts, we’re not doing enough. Unless we’re losing, we’re not bringing enough cases,” Jay Clayton stated while describing the SEC’s current attitude towards the crypto industry. 

Crypto lawyer John Deaton retweeted Cameron Winklevoss’ tweet of Jay Clayton’s interview earlier today. Deaton pointed out that the judge overseeing the SEC’s lawsuit against Ripple expressed similar concerns about the regulator’s conduct. 

The crypto lawyer was referring to the statement by federal Judge Sarah Netburn from February 2023. At the time, Judge Netburn stated that the SEC was adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law.

Comments

Post a Comment

Popular posts from this blog

FTX Wallet Drainer Relentless: Bridges Another 5,624 ETH to BTC

CertiK Alert posted on October 4 that the FTX drainer bridged another 5,624 ETH to BTC. That follows a series of notifications of multiple activities by the hacker, recently. The latest amount adds to over 30,000 ETH already bridged by the FTX wallet drainer. CertiK Alert, a platform that provides real-time alerts about crypto hacks, posted on October 4 that the FTX drainer bridged another 5,624 ETH to BTC. That follows a series of notifications about the recent resurfacing of the hacker who stole a significant amount of funds from the defunct FTX exchange. #CertiKSkynetAlert The FTX drainer has bridged another 5,624 ETH to BTC Receiving wallets: Bc1q8…m7zcy Bc1qs…fyhdy Bc1q7…3tg27https://t.co/4J3l9hyvjX — CertiK Alert (@CertiKAlert) October 4, 2023 The recent alert comes after CertiK Alert had posted about the hacker bridging up to 30,000 ETH to BTC as of October 2, 2023. Over the weekend, the crypto industry observed renewed activity on the w...
Read more

Here’s how to prevent NFT theft, according to industry professionals

Image
Professionals working in the Web3 space highlighted various tools and best practices to protect NFTs from hackers and scammers. As nonfungible tokens (NFTs) attract more users, they also capture the eyes of scammers. Bad actors in Web3 have set their sights on digital collectibles, with millions being lost through scams and various attacks.  However, according to professionals working in the Web3 space, there are multiple ways and tools to prevent being a victim of NFT theft . In addition, users can also take various actions after losing their digital collectibles to hacks. Ronghui Gu, the co-founder and CEO of blockchain Security firm CertiK, told Cointelegraph that the first and most important step is always due diligence. “Avoid clicking on suspicious links and be very careful when signing token approvals,” Gu shared. Taking it a step further, the executive shared other best practices like periodically checking and revoking unneeded permissions and segregating NFTs into differen...
Read more

Sell the rumors… Buy hack announcements? Unibot retrospective

In the aftermath of a significant security breach affecting Unibot (UNIBOT), an unexpected twist in market psychology surfaced. A leading analyst on prominent crypto analytics platform Santiment dissected the curious case of Unibot price action following a hack, challenging the old adage of “sell the rumor , buy the news.” He wrote: Panic creeps in, you start getting doubts (especially having experience multiple blowups of projects before), maybe it’s just better to sell and wait it out? Looks like many UNIBOT holders felt those kind of feelings in the recent days. On Oct. 31st, a capitulation event was observed for Unibot as long-standing coins changed hands in response to panic stemming from a cryptic tweet by the coin’s developers. The subsequent sell-off resulted in the largest transaction volume spike for Unibot, accompanied by a noticeable increase in active addresses — a movement tracked closely by Santiment’s tools. If you read any UNIBOT-rel...
Read more