Former SEC Chairman Jay Clayton joins crypto advisory board

Three months after resigning from the United States Securities and Exchange Commission, or SEC, Jay Clayton has joined an advisory board of crypto funding supervisor One River Asset Management, signaling a altering of the guard for the previous securities regulator. 

Clayton, together with Kevin Hassett of The Lindsey Group and Jon Orszag of Compass Lexecon, joins One River Asset Management’s newly fashioned tutorial and regulatory advisory council, the corporate announced Monday. Although Clayton’s actual function inside the advisory group wasn’t specified, One RIver CEO Eric Peters mentioned his purpose was to deliver collectively distinguished people with “varying regulatory and policy experience.”

“We were impressed by Eric’s willingness to hear our varying views on the digitization of our monetary, banking and capital markets ecosystem and One River’s commitment to transparency,” Clayton mentioned.

Clayton served a three-and-a-half-year stint on the SEC earlier than resigning on Dec. 23, 2020. His tenure was outlined by a substantial increase in monetary remedies, presumably to the tune of over $14 billion, and returning billions to harmed buyers.

He was additionally current over the last cryptocurrency bull market when Bitcoin (BTC) mania reached mainstream buyers. In 2019, Clayton warned investors they would be “sorely mistaken” in the event that they count on that the cryptocurrency can be tradeable on main exchanges with out extra stringent laws in place.

One River Asset Management emerged as a pivotal Bitcoin participant in late 2020 by scooping up $600 million in crypto assets. At the time, the agency mentioned it anticipated to personal roughly $1 billion value of BTC and Ether (ETH) by the primary half of 2021. Those targets might have already been met, given the fast appreciation of crypto property to this point this 12 months.