ripple's ceo brad garlinghouse taking a jab at former securities and exchange commission chair jay claytonve, quote, limited regulation. and this got crazy in the twitterverse. to charlie gasparino. charlie. >> we asked brad to come on the air today, he said he couldn't -- or his pr person said he's got the flu. not covid, she said, the flu. liz: feel better, brad. >> yes, feel better. we asked jay clayton to come on the air. i have to ask jay, jay works for cnbc, essentially, a contributor. so just so you know, i mean, i understand why he can't come on our air. we asked him for a comment, they did not provide one. so why do these guys don't like each other? particularly garlinghouse does not like jay. jay's last thing, the last thing he did while sec chair in december 2020 was i sue ripple over the sale of its xrp cryptocurrency that the sec said should have been a registered security xrp, and ripple says, no. liz: versus a currency. >> now, you know, cryptocurrencies like bitcoin, like ether, the sec has deemed them currencies or commodities. they do not have to be regulated by the sec,

chairman and cnbc contributor, jay clayton. down significantly over the last month, but they are still far higher than a year ago, year and a half ago if you look at those names. people will say the s.e.c. should get out of the way in the good times and when people lose money they will blame the s.e.c. for not doing something earlier. what's the solution or is it too late >> well, you have it exactly right. it's good to see you we've spoken about this. the s.e.c.'s job is not to regulate prices. the s.e.c. protects investors in a couple of fundamental ways most important of which is regulating information companies, their insiders, control persons have to provide accurate information on a regular basis, a comprehensive suite of that. if the information they provide is false, they're subject to liability. that's fundamental the other thing that the s.e.c. does and we regulate is trading and exchanges. there, from pricing to anti-manipulation measures, to surveillance, there's a great deal done. what the s.e.c. does not regulate i