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Crypto

Former SEC chair Jay Clayton, who approved Ripple lawsuit, takes office as U.S. director of national intelligence

Jay Clayton (제이 클레이턴), former chairman of the U.S. Securities and Exchange Commission, has been formally sworn in as U.S. director of national intelligence, after winning Senate confirmation by 51 to 47. His appointment draws attention in the cryptocurrency industry because the SEC filed a lawsuit against Ripple Labs and its executives on his last day in office in December 2020. After leaving the SEC, Clayton joined advisory boards tied to digital asset investment and crypto infrastructure.

Crypto

Jay Clayton, known for launching XRP lawsuit, confirmed as U.S. director of national intelligence

Jay Clayton, a former U.S. Securities and Exchange Commission chairman known in the crypto industry for launching the SEC\'s XRP lawsuit against Ripple Labs, has been formally confirmed as director of national intelligence. The U.S. Senate approved his nomination 51-47. The vote followed a party-line pattern, with Republicans in support and Democrats opposed, and two senators not voting. Clayton faced criticism over limited intelligence experience but secured a majority.

Crypto

U.S. court ruling that XRP itself is not a security marks 3rd anniversary

Three years have passed since a U.S. court said XRP itself cannot be uniformly treated as a security. The ruling distinguished between programmatic sales on public exchanges and direct sales to institutional investors, shaping the broader direction of U.S. crypto regulation. The court found exchange trading did not meet key elements of the Howey test, while judging about $728 million of direct institutional sales as unregistered securities offerings. Ripple executives have said the lawsuit pressured the company’s survival.