Jay Clayton, the Chairman of the US Securities and Exchange Commission, has submitted his letter of resignation to President Donald Trump after three and a half years in the role. He's gone out with a bang; this week, the SEC filed a $1.3 billion lawsuit against Ripple over the XRP cryptocurrency. It's one of several actions that the SEC took against crypto companies during Clayton's tenure, alleging that they held unregistered securities offerings. But Clayton wasn't entirely against crypto, noting that Bitcoin resembles a store of value and payment mechanism more than a security.