"Clayton, who has advised a number of crypto firms since leaving the SEC in December 2020, oversaw the production of the SEC's DAO Report, which claimed jurisdiction over a broad swath of the crypto industry, and famously once said he believed most initial coin offerings were securities, a view later echoed by his successor, current SEC Chair Gary Gensler."
"One of Clayton's final actions at the SEC was to sign off on its lawsuit against Ripple Labs. The case is currently winding its way through the federal appellate court system, after a judge ruled last year that the company had not violated federal securities laws in making XRP available to retail traders through exchanges."
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