Jay Clayton, the former SEC chairman who sued Ripple for $1.3 billion, becomes US Director of National Intelligence on Monday. Bill Pulte, who had been acting DNI since June, announced the handover Saturday. Clayton's move from securities cop to top spy comes with zero power over crypto policy — but his past legal battle with Ripple still hangs over the token's market.
From the SEC to the intelligence community
Clayton led the SEC's 2020 lawsuit against Ripple, naming executives Brad Garlinghouse and Chris Larsen for selling $600 million of XRP. Judge Analisa Torres later ruled that Ripple's institutional sales violated securities law, but programmatic sales to the public did not. She fined Ripple $125,035,150 and ordered it to stop institutional sales. Both sides dropped their appeals on August 7, 2025, ending the four-year case with the fine intact.
Now Clayton runs the Office of the Director of National Intelligence, a role he told senators he wants to keep 'fairly lean' — like a 'board of directors.' He agreed to review some of the staff cuts Pulte made.
What Clayton's new job means for crypto
Short answer: not much. The DNI has no authority over the SEC, crypto rules, or XRP. But the timing isn't great for Ripple fans hoping for a friendlier regulatory climate. Clayton's history as the guy who sued them isn't forgotten. XRP traded near $1.08 on Sunday, up 1.9% on the day, but down 64% over the past year.
Pulte's parting moves at ODNI — and FHFA
Before handing over, Pulte announced a fifth round of firings at ODNI, cutting roughly 30% of staff. That follows Tulsi Gabbard's earlier plan to shrink the office by 40% and cut $700 million from its budget before she resigned in June. Congressional aides say roughly 200 staff left or moved after June 1.
Pulte returns full-time to the Federal Housing Finance Agency, where he's been acting DNI while also heading FHFA. In that role, he made crypto-friendly moves: in March 2025 he allowed crypto reserves to back mortgages, and in June 2025 he told Fannie Mae and Freddie Mac to count crypto in mortgage assessments. That's a direct contrast to Clayton's enforcement-heavy approach at the SEC.
Clayton's confirmation is set for Monday. Whether his intelligence role ever touches crypto is doubtful — but the industry will be watching anyway.
