Former SEC Chair Jay Clayton Says Gary Gensler Overstepping His Power

BeInCrypto
BeInCrypto

29 Jun 2023 10:30 AM

Former SEC Chair Jay Clayton questioned the agency's regulatory approach, raising concerns of potential overreach and a shift in state's role...

  • Former SEC Chair Jay Clayton criticizes the regulatory approach of the SEC under Gensler's leadership, highlighting potential overreach and a focus on aggressively pursuing legal action.
  • Clayton emphasizes the need for a balance between regulatory enforcement and considering the consequences of potential defeats for the securities regulator.
  • Some industry players, such as Virtu Financial CEO Doug Cifu, share Clayton's concerns and believe Gensler's approach is more politically motivated than focused on effective regulation.
  • However, there are suggestions that Clayton's critique may be an attempt to deflect from his own record during his tenure as SEC Chair, particularly regarding the agency's approach to insider trading cases.
  • Clayton maintains his position that many cryptocurrencies could be classified as securities, but acknowledges that the definition of security is broad and flexible.

The sentiment in the article is mixed. Jay Clayton and some industry players express concerns about the SEC's regulatory approach, highlighting potential overreach and political motivations. However, there are also suggestions that Clayton's critique may be an attempt to deflect from his own record.

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You May Ask

What are Jay Clayton's concerns about the regulatory approach of the SEC under Gensler's leadership?How does Clayton emphasize the need for a balance in regulatory enforcement?What are some industry players' opinions on Gensler's approach and its focus on effective regulation?What criticisms have been raised about Clayton's own record during his tenure as SEC Chair?How does Clayton view the classification of cryptocurrencies as securities and the regulatory handling of crypto as an asset class?

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