It is reported that the manager of the Securities and Exchange Commission (SEC), Jay Clayton, who has served since 2017, will resign from his service at the end of 2020.
This news was welcomed by crypto enthusiasts because Clayton's grip caused affairs involving crypto legislation to go into chaos. For example, the sealed Bitcoin ETF reserves and issues regarding XRP's status as a security or not that have not been resolved.
This individual became the focus of the crypto industry following his charges regarding initial coin offerings (ICO) as an effective way for entrepreneurs and other parties to raise funds without thinking that they represented a security offering or not.
Clayton has also created a circumvention squad against ICOs aimed at circumventing security law errors. In fact, the Financial Innovation and Technology Strategic Hub (FinHub) was created to help market shareholders better understand how the law functions in the context of an ICO.
It is undeniable that this individual was the first lawbreaker to raise crypto issues but Clayton was also criticized for lacking credibility in dealing with crypto issues.
Even though the funders pressed for the SEC to announce the groundwork for XRP, it failed to enforce the crypto taxonomy law, balking at one formal reality in 2019 to make crypto assets like XRP a security or not become a hot topic.
Likewise, Clayton's actions in rejecting all Bitcoin ETF reserves that were put forward to him have left crypto enthusiasts discouraged.
After his stance, the ranks of pundits consider the news of Clayton's resignation as SEC chairman a good news given that the fate of the crypto industry lies in the hands of the SEC chairman.
So this change will have a big impact, especially the ETF approval and involvement in various matters to come.
