The chairman of the Securities and Exchanges Commission (SEC) Walter Joseph “Jay” Clayton III, has resigned just after suing XRP, the third biggest crypto.
“I recently submitted a letter to President Donald J. Trump informing him that today, December 23, 2020, will be my last day as Chairman of the Securities and Exchange Commission,” Clayton said.
He will be remembered for many things, including the last minute rejection of the bitcoin ETF, the gestapo like investigations against ICOs, the Ripple lawsuit on the day of resigning, but above all he will be remembered for one thing.
Under his leadership, America’s public servants at the SEC told the public that they will not innovate for you.
“We are not going to innovate for you,” a SEC official said in 2018, showing the arrogance of this regulator has reached the point where they no longer think they are under the payroll of the American taxpayer.
Their overreaching and deaf approach led to a confrontation between the innovating young and this century old bureaucracy which is based on the foundation of discriminating against all but the rich whom they give all exceptions under the status of an ‘accredited’ investor.
This injustice at the foundations of America’s economy is the primary cause for the biblical levels of inequality and for the quickly disappearing meritocracy to the point many call the system a plutocracy.
If the latter is a correct diagnosis, then not much should be expected from the new administration, except perhaps that the right will probably again be vocal in demanding free markets and capitalism for all, not just the rich.
Under Trump, the right renegaded its principles, and instead of standing as the free market party, they became corporatists.
None other than Jay Clayton personifies that transformation, who was and will remain a symbol of the corrupt bureaucracy with its revolving doors that appointed a banker’s servant to oversea the bankers and Wall Street.
That banker’s sherif is now out, and so all eyes turn to Joe Biden who is to take the presidency next month.
Who he will appoint as SEC chair will be determinative of what is the United States: a sclerotic bureaucracy chained by the past or a forward looking innovative and dynamic economy that aspires to a rising future.
Our expectations are low because Biden will be the oldest president in America’s history, but a right decision for SEC chair can make a difference, just as a bad decision may well sink his premiership as it sank Trump’s.