New York, USA – Jay Clayton gets questioned on the ongoing case of Ripple and SEC after government watchdogs noticed conflicts of interest. The US SEC or Securities and Exchange Commission opposes Ripple’s request to seal.
Jay Clayton, the previous US SEC chairman, faces questions regarding the case filed by SEC against Ripple because of some conflicts of interest during the investigation. The way he handled crypto issues during his time as a chairman gets involved with the current issue that Ripple is facing.
Fireblocks is a digital asset-custodian, and this organization secures more than $1 trillion of transferred crypto. Also, it has an insurance policy that protects assets in transit and storage. Clayton is a member of Fireblocks’ Advisory Board.
Clayton was still part of the SEC when the agency filed this case against Ripple. Now, he’s joining a cryptocurrency-related company, which is One River Asset Management. When Clayton stated that Bitcoin was not a security, the value of this digital asset rose. It’s the reason why watchdogs, Empower Oversight, think that it’s happening with Ripple now.
One River Asset Management is a digital asset hedge fund that focuses on Ether and Bitcoin.
Empower Oversight is an organization that focuses on improving independent oversight of corporate and government wrongdoing.
Empower Oversight is currently investigating the case as well, and it involved Jay Clayton because of the previous case where he mentioned how Bitcoin (BTC) is not a security. This organization submitted a Freedom of Information Act or FOIA request to the US SEC, asking for communications between the SEC’s former and current employees and officials.
Moreover, the US SEC opposes Ripple’s filed motion to seal. According to the agency, the request failed to meet a certain standard.
On another note, the US SEC faces report about deleting necessary documents related to the case. The deleted information can make Ripple win the case, and the court is aware of the deletion incident.
