Ripple CEO ‘in disbelief’ over ex-SEC chief’s crypto claims
While a decision is pending on the amount of damages that Ripple would have to pay to settle the lawsuit against the United States Securities and Exchange Commission (SEC), recent remarks by the agency’s former chairman have caused disbelief in the crypto currency community. Specifically, despite expressing sympathy towards crypto currency entrepreneurs, former SEC chair Jay Clayton also opined that the issue of classification of crypto assets was “overblown” during a Council on Foreign Relations event streamed live on November 21, sparking massive reactions. ‘Overblown’ issue of security vs. commodity As it happens, Clayton was replying to the question from the audience regarding the appropriate way to regulate the crypto sector, stating that the best way to do so would be first to recognize that “it’s technology, not a product,” and further highlighting that: “I think the classification issues about whether it’s a security or a commodity are overblown. Most of those dec...