The cryptocurrency industry in the United States has been facing challenges due to the lack of clear regulatory guidelines governing digital assets. The U.S. Securities and Exchange Commission (SEC) has taken an aggressive approach, filing lawsuits against numerous digital currency firms, with one of the most prominent cases being the Ripple vs. SEC lawsuit. The SEC claimed XRP is a security, but the judge ruled it is not. This ruling brings clarity and sets a precedent for similar cases.
The SEC Chairman, gary gensler 
gary gensler chairman at US Securities and Exchange Commision Gary Gensler is an enthusiastic leader and the current chair of the U.S. Securities and Exchange Commission (SEC). He has the extreme experience that spans wall street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. He announced several initiatives to enhance investor protections in the $2 trillion cryptocurrency market. He previously led the Biden-Harris transition’s federal reserve, Banking, and securities regulation agency review team.
He was awarded Treasury’s highest honor, the Alexander Hamilton Award, and also was a recipient of the 2014 Frankel Fiduciary Prize. He was born on October 18, 1957, into a Jewish family, in Baltimore, Maryland. Graduated from the University of Pennsylvania, earning a Master’s degree in Business Administration. Additionally, he is also a professor at the MIT Sloan School of management. He has served in various governmental roles since the 1990s, such as the treasury department, Sarbanes-Oxley, CFTC, Swaps, Enforcement, Libor investigation, Maryland Financial Consumer Protection Commission, Securities, and Exchange Commission.
Gary Gensler will probably keep on filling in as seat of the SEC until 2026, accepting his renunciation. He has expressed his desires to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages. A few officials as well as his kindred SEC magistrates have scrutinized Gensler for not giving adequate administrative direction on crypto, possibly prompting a standoff between Congress and the association.
The SEC, CFTC, and Financial Crimes Enforcement Network handle advanced resource guidelines in the U.S., however, each with various jurisdictional cases, bringing about an interwoven methodology that crypto firms should explore to work legitimately. Whether 2022 will see a more clear way for organizations in the crypto space is questionable, yet the cosmetics of the SEC’s initiative will fundamentally change following the takeoff of chief Elad Roisman in the first month of the year. Chief Allison Lee’s term is likewise set to terminate in June 2022. Chairman 
, has been heavily criticized by the industry for his handling of digital assets and his stance on XRP. Another individual involved in the Ripple lawsuit has also faced scrutiny, adding to the ongoing regulatory debates in the US crypto industry.
Ripple Lawsuit Puts Former SEC Chairman Jay Clayton Under Scrutiny
Tony Edward, the Founder & Host of the Thinking Crypto Podcast, recently tweeted about Chairman Jay Clayton, who has come under scrutiny for his involvement in the Ripple lawsuit. He has been dubbed as “Coward Clayton” for filing the lawsuit against Ripple, which reportedly affected XRP holders significantly. However, Clayton resigned from his position at the SEC shortly after the lawsuit was initiated.
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Despite being a top CNBC contributor on cryptocurrencies, Clayton has not appeared with notable anchors like Melissa Lee, Joe Kernen, Becky Quick, and Andrew Ross Sorkin. His absence from public commentary has sparked criticism from several XRP investors and the cryptocurrency community at large.
Jay Clayton’s Lack of Clarity in SEC’s Communication Added Uncertainty
Last month, an XRP community member named Ashley Prosper shared an internal SEC email, labeled Exhibit 276 in the SEC vs. Ripple lawsuit. According to Prosper, the document reveals that Jay Clayton had no interest in providing Ripple with any clarity on XRP.
In response, Pro-XRP Attorney john e deaton 
john e deaton founder at Crypto Law US john EntrepreneurHostMarket Analyst 
pointed out that both Clayton and Hinman had received an XRP Memo analyzing XRP under Howey’s Test. Deaton argued that if the memo had concluded that XRP was a security, Clayton and Hinman would have informed Ripple executives during their meeting. However, Clayton never did, which further added to the uncertainty and confusion.
