Former SEC chairman Jay Clayton and former SEC director Dr. Bill Hinman now works for companies that support Ripple.
Fox Business journalist and producer Eleanor Terrett tweeted that former SEC chairman Jay Clayton, who has filed lawsuits against Ripple Labs, Brad Garlinghouse, and Chris Larsen, alleging that XRP is a security, now indirectly supports XRP. Clayton does this by working for Electric Capital, one of the companies that decided to offer the amicus briefing in support of Ripple Labs.
“Irony at its finest: Jay Clayton and Bill Hinman are now inadvertently supporting @Ripple through their associations with @ElectricCapital and @a16z which are both members of the @crypto_council.”
Giving a speech in 2018 characterizing Ethereum as a non-security asset, former director of the SEC, Dr. Bill Hinman had joined Andreessen Horowitz’s board of directors. This organization was among four organizations in the past 24 hours who have requested to provide an amicus briefing in support of the XRP company. It is a known fact that this company and Electric Capital are members of the Crypto Council.
Alongside the Crypto Council, this request also came from Coinbase exchange, VC firm Valhil Capital, and CryptoLaw founder John E. Deaton. The SEC argues that the sale of XRP altcoins constitutes an unregistered sale of securities and therefore those responsible should pay penalties.