Former SEC chair Jay Clayton has come under fire from prominent crypto community members for obstructing Bitcoin ETF approval during his tenure, despite recently voicing support for an eventual Bitcoin spot ETF.
Perianne Boring, pro-Bitcoin founder of the Digital Chamber of Commerce, highlighted how Clayton frustrated the initial path to a Bitcoin spot ETF approval, only to now claim the endorsement is inevitable.
Lawyer John Deaton agreed, arguing it’s “one hundred percent accurate” to attribute ETF denials to Clayton’s “self-serving” leadership. Deaton said without Clayton’s actions, current chair Gary Gensler could not arbitrarily deny spot ETFs today.
Deaton also questioned a meeting between Clayton and Gensler the day before the SEC’s Ripple lawsuit, suggesting XRP was discussed and declared an illegal security. Further, Deaton criticized Clayton’s refusal to implement a crypto Safe Harbor proposed by SEC commissioner Hester Peirce.
According to Deaton, Clayton intentionally kept crypto’s regulatory status vague. After leaving the SEC, Clayton advised entities like OneRiver on crypto assets, a lucrative business model per Deaton.
The crypto community argues Clayton’s ETF obstruction and vague regulations enabled denial of spot ETFs today, despite his newfound support. They call out his post-SEC crypto consulting as self-serving.
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