Jay Clayton, former chairman of the SEC, recently made remarks that sparked discussion in the cryptocurrency world, especially among fans of XRP and Ripple. At a live-streamed session, Clayton claimed the classification of crypto assets is an "overblown" topic.
His opinion that regulation of this "technology, not a product" needs to happen right away caused a stir in the crypto community. Other supporters of XRP and Ripple, including CEO Brad Garlinghouse, expressed their shock in response.
Bill Morgan, a legal expert and analyst on the Ripple v. SEC case, claimed that Clayton was hurting XRP by putting it in direct competition with Bitcoin and Ethereum. Clayton suggested that the market determine the worth of technology, a suggestion that Morgan mocked.
While the lawsuit between Ripple and the SEC waits for a decision on damages, the XRP token's price stands at $0.60, a 4.26% drop over the last 24 hours. Despite losing 3.29% over the past week, it manages a 10.43% gain on a monthly basis.
