During Jay Clayton’s oppressive tenure, we saw the greatest exaggeration on the part of a bureaucratic body that often ignored the courts to act as legislator in shaping and enforcing policies in a very new space outside the usual SEC jurisdiction.
Jay Clayton, chairman of the U.S. Securities and Exchange Commission (SEC), is finally expected to step down at the end of the year, according to an SEC statement.
Elected in 2017, Clayton led a crusade against cryptomites by denying a last-minute ETF Bitcoin Evolution in what was an SEC crackdown against the market.
During his three and a half years as SEC President, he intimidated several cryptomotic projects, opening numerous investigations and threatening lawsuits costing hundreds of millions for an innovative industry.
In the process, he delayed innovation, forcing them to leave the United States and go to Europe, which is now proposing a legal framework for tokenized actions.
Clayton’s “CVM” told entrepreneurs: “We will not innovate for you” during a draconian period in which $ 1 billion was taken by the SEC in fines, 5 times more than its entire annual budget of $ 250 million.
Some for irregularities, but most of them were directed at honest entrepreneurs trying to tokenize and modernize legitimate things.
SEC prevented progress and innovation in the U.S.
During Jay Clayton’s oppressive term, we saw the greatest exaggeration on the part of an unelected bureaucratic body that often ignored the courts to act as legislator in shaping and enforcing policy in a very new space outside the usual SEC jurisdiction.
Elon Musk, an example to many, was almost arrested for what he called the Shortsellers Enrichment Commission.
Despite the necessary reforms in centuries-old laws, the SEC told the world that no change was necessary, that the law was fine as it was written in 1933, during the Great Depression, when there were no cars, much less the Internet or blockchain.
Even after Congress demanded reports from the SEC on the necessary reforms, the commission hesitated and did not produce or present anything until now.
This sclerosed agency salutes the wrath of the millennium generation mainly because of Jay Clayton’s oppressive leadership in doing all it could to impede innovation in the United States.
The SEC is too big to respond to changing times, too big to meet the needs of startups, small businesses and giant corporations at the same time, too powerful to take care of freedoms or the need to balance risk taking in the free market, and is in absolutely desperate need of reform, as the IPO numbers attest.
“I would like to thank President Trump for the opportunity, the support and the freedom to lead the women and men of the SEC,” said Clayton.
Trump was defeated in part because of the terrible work this former banker did while running one of the most powerful economic institutions in the United States and the world.
Power he gave up without the public’s responsibility to encourage and facilitate innovation and capital formation, instead of greedily raising billions even of popular food applications as corrupt bureaucrats.
One less Bitcoin enemy of the world.