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A piece about cryptocurrency, published by Jay Clayton in The Wall Street Journal, drew sharp criticism from Ripple XRP investors.
Former Securities and Exchange Commission chairman Jay Clayton published an article in The Wall Street Journal on cryptocurrency, arguing that the US government must find the right balance between ensuring financial stability and stimulating innovation. America’s payment systems can be modernized with tokenization, he said:
Imagine investment and human capital flowing towards US ingenuity almost immediately if such an effort is announced.
Clayton also put forward the idea of tokenizing the US Treasury market to make it more efficient. He points to the fact that the vast majority of stablecoins in circulation are pegged to the US dollar, but this could quickly change amid the ongoing race in reserve currencies. The former head of the Securities and Exchange Commission predicts that China will expand its influence in global financial payments and credit markets through tokenization and digitalization, which Clayton predicts could have a destabilizing effect on the global economy.
This article did not go unnoticed by members of the XRP community, who began accusing Clayton of hypocrisy, given that the former SEC chief filed a lawsuit against Ripple, which led to a sharp drop in prices last December. Lawyer John E. Deaton, who oversaw the XRP Army’s meddling efforts, called the article “incredible.” Ripple CEO Brad Garlinghouse also commented on the article, mentioning “Ironic,” the 1996 hit by Canadian-American singer Alanis Morissette.
Earlier, lawyer and Ripple XRP supporter John Deaton said the SEC case against Ripple needs an independent investigator.
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