Clayton's Crypto Past Catches Up with Him as He Takes National Intelligence Reins

Jay Clayton, a former chairman of the U.S. Securities and Exchange Commission (SEC), has been confirmed as director of national intelligence. The confirmation process was marked by political confrontation over personnel in the Donald Trump administration.

Clayton is best known in the crypto industry for launching the XRP securities lawsuit against Ripple Labs, a move that drew attention to his return. On December 22, 2020, effectively his last day on the job as SEC chairman, he filed a lawsuit against Ripple Labs, CEO Brad Garlinghouse and co-founder Chris Larsen.

The SEC claimed they carried out an unregistered securities offering worth $1.3 billion through XRP sales. The lawsuit later became a regulatory dispute representing the cryptocurrency industry. Clayton left the SEC shortly after the case was filed, but the lawsuit continued under his successor, former SEC chairman Gary Gensler.