Former SEC Chairman Jay Clayton Tapped to Lead US Artificial Intelligence Efforts
Jay Clayton, the former SEC chairman who led the agency's landmark lawsuit against Ripple over XRP sales, is set to become the White House's new AI Czar. This unexpected move comes as Clayton currently serves as Director of National Intelligence and has been confirmed in this role since July 28.
Clayton has a complex history with crypto, having first taken over the SEC in May 2017, amidst the initial coin offering mania. He famously stated that many token offerings he had seen looked like securities offerings, and during his tenure, he refused to approve Bitcoin ETFs despite considering Bitcoin a commodity.
Clayton is most remembered for suing Ripple, with the SEC claiming XRP sales constituted unregistered securities. This case was later taken up by Gary Gensler, but ultimately lost. After leaving the SEC, Clayton became involved with several crypto-focused companies and even predicted that approval of a U.S. spot Bitcoin ETF was 'inevitable'.
Despite his complex past with crypto, Clayton's expertise in AI is undeniable, having called it a 'game changer' during his July confirmation hearing as Director of National Intelligence.