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Jay Clayton, Chairman of the Securities and Exchange Commission (SEC), has officially left office
Clayton’s departure was a surprise to many, although it was certain to happen sooner or later. He announced in a public statement that yesterday would be his last day in office as chairman of the commission. He attached the letter of resignation he had addressed to President Donald Trump in his statement.
The outgoing President of the SEC left office before the scheduled Crypto Bank app end of his term in June 2021. Clayton had already made it clear in November that he would leave office at the end of the year, although he did not specify an exact date at that time. He took over the commission in May 2017.
SEC recently filed a lawsuit against Ripple
Clayton left his position at the time when his office is initiating legal proceedings against FinTech Ripple. The commission accused Ripple and two company executives of offering unregistered securities worth more than $1 billion. His office filed charges against Ripple saying XRP is a security – a position the company strongly denies.
The lawsuit will be remembered as Clayton’s final act in the cryptoverse. His office confirmed that he had filed a lawsuit in the Manhattan federal district court. The commission also added that the company distributed its native token for „work services and market creation. According to the allegations, the two executives did not record their personal XRP sales valued at about $600 million.
Footprints in the crypto space
The lawyer will be remembered for leading the commission through the 2017 Initial Coin Supply Market (ICO). During that ICO boom, the market swelled almost 100 times between the first and fourth quarters.
Crunchbase reported that there were only seven ICOs in the first quarter of that year, raising about $28 million. By the end of the second quarter, however, the numbers had risen to 25 and $402 million, respectively. A staggering $4.9 billion was raised through initial currency offerings in the fourth quarter. Growth sent shock waves into the crypto sector and attracted the attention of the SEC.
Regarding its role in the ICO boom, the commission said: „Under the leadership of President Clayton, the agency acted quickly and decisively to combat fraud and pave the way for innovation.
During its mandate, the commission also rejected all requests for a crypto exchange-traded fund (ETF). However, he left office with a golden key at the end of a year that has been difficult.