Former SEC Chairman Jay Clayton Joins $2 Billion Israeli-Based Bitcoin and Ethereum Custodian, Fireblocks




Jay Clayton, the instant previous SEC chairman, was at present introduced as one of many latest members of the advisory board of Fireblocks – an Israeli-based Bitcoin and Ethereum custodian.

The agency, which has an over $2 billion valuation, praised the addition of Clayton saying it could assist it and its clients “navigate the evolving market and regulatory dynamics affecting the event and deployment of options for the rising digital asset infrastructure” including that Clayton brings over three a long time of expertise in worldwide monetary markets and unparalleled capital markets and regulatory experience to Fireblocks.

Clayton additionally commented saying the agency had an fascinating scope and imaginative and prescient in bettering the digital belongings custodianship house. 

“I share Fireblocks view that digital asset custody requires the identical stage of service as conventional custody whereas additionally striving for higher regulatory outcomes in safety, certainty, and resiliency,” he mentioned. 

It’s worthy of be aware that as SEC chair, Clayton was not all the time in assist of the cryptocurrency {industry}. Below his chairmanship, the SEC adopted a strict stance in opposition to cryptocurrencies, rejecting a number of Bitcoin and Ethereum ETF functions, and charging a number of corporations concerned in crypto choices, together with, Telegram, and Ripple. 




Clayton on the time mentioned that the Bitcoin market was liable to market manipulation and due to this fact shouldn’t have an ETF on the US inventory alternate. 

The SEC’s transfer on Ripple, near the time of his resignation in December 2020, engendered an enormous market sell-off that affected XRP, Bitcoin, and Ethereum considerably. Ripple’s XRP noticed its worth drop about 50%, whereas the entire crypto-market additionally dropped about 10% within the following day with an about $50 billion selloff. The authorized battle between Ripple and the SEC continues to be ongoing.

Nevertheless, shortly after leaving the SEC, Clayton has dived into the {industry}, serving in several capacities at completely different cryptocurrency corporations. Amongst his roles up to now, he has served One River Asset Administration in an advisory function on cryptocurrency regulation compliance. His function within the hedge fund has seen him serving to the agency attempt to get approval for a Bitcoin ETF from his former employer, the SEC.

Clayton is just not the one Trump administration official to have joined the crypto-industry. A number of officers from the administration, together with Kathy Kraninger of the U.S. Shopper Monetary Safety Bureau (CFPB) and Brian Brooks of the Workplace of the Comptroller of the Foreign money (OCC) have discovered locations within the quickly rising cryptocurrency {industry}, because the sector has welcomed the authorized experience and Washington connections amid growing regulatory scrutiny.

Lastly, different members on the Fireblocks seven-member advisory board embody Fireblocks’ cryptography adviser Ran Cannetti, together with Cyberstarts founder Gili Raanan, Tenaya Capital’s Tom Banahan, Capitolis’ Gil Mendelzis, Paradigm’s Fred Ehrsam, and Ken Fox of Stripes.

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