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Former Securities and Exchange Commission (SEC) chairman Jay Clayton published an article in The Wall Street Journal in which he wrote that the US government must find a balance between ensuring financial stability and encouraging innovation.
He argues that America’s payment systems can be modernized with tokenization:
Imagine the investment and human capital that will flow into the country immediately after the relevant statement.
Clayton also spoke about tokenizing the US Treasury market to make them more efficient.
The former head of the Securities and Exchange Commission also predicts that China will expand its influence in global financial payments and credit markets through tokenization and digitalization. According to Clayton, this could have a destabilizing effect on the global economy.
This newfound faith in digital assets shouldn’t come as a surprise to those following the former official’s career. As head of the SEC, Clayton vehemently rejected the possibility of a Bitcoin ETF reconciliation.
However, in March, he became an advisor to the hedge fund One River Asset Management, the majority of whose assets are Bitcoin and Ether. In August, Clayton joined Israeli crypto custodian Fireblock.
For this reason, members of the XRP community accused Clayton of hypocrisy and reminded him of filing a lawsuit against Ripple, which led to a sharp drop in the price of the token in December last year.
Lawyer John E. Deaton, who intervened on behalf of the XRP army in the SEC lawsuit, called the article implausible.
Ripple CEO Brad Garlinghouse expressed his take on the article by referring to the 1996 hit “Ironic” by Canadian-American singer Alanis Morissette.
Siri, play “Ironic” by Alanis Morissette…https://t.co/idRTZmDSbL
— Brad Garlinghouse (@bgarlinghouse) December 16, 2021
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