Former SEC chairman Jay Clayton now adviser at crypto firm

Former SEC chairman Jay Clayton now adviser at crypto firm

Clayton, who retired from the SEC in 2020, is now an advisor at One River Asset Management.

Three months after resigning from the US securities regulator SEC, Jay Clayton has now joined the advisory staff of crypto investment manager One River Asset Management, signalling a change of heart.

Clayton joins Kevin Hassett of Lindsey Group and Jon Orszag of Compass Lexecon to form One River Asset Management’s new academic and Bitcoin Union regulatory advisory board, the company said on Monday. Clayton’s exact role within the advisory board was not specifically explained, but One River CEO Eric Peters said his goal was to bring together respected individuals with „diverse regulatory and policy experience.“

„We were impressed that Eric’s was willing to hear our different views on the digitisation of our money, banking and capital markets ecosystem, and we were also impressed with One River’s commitment to transparency,“ Clayton said.

Clayton served at the SEC for three and a half years and stepped down on 23 December 2020

During his tenure, there were more monetary settlements of over $14 billion. And billions were repaid to aggrieved investors.

He was also there during the last cryptocurrency bull market when Bitcoin (BTC) mania hit the mainstream. In 2019, Clayton warned investors they would be „hugely mistaken“ if they expected the cryptocurrency to be able to trade on major exchanges without stricter regulation.

One River Asset Management became a major bitcoin player in late 2020 and now holds $600 million in crypto assets. At the time, the company said it aimed to own about US$1bn worth of BTC and Ether (ETH) by the first half of 2021. This goal may have already been achieved so far this year given the rapid increase in the value of crypto assets.

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