Ex-sec head Jay Clayton has joined the crypto council of River Digital Asset Management and its partner One River Asset Management as we see more today in our cryptocurrency news today.
Clayton is a former chairman of the US Securities and Exchange Commission and also considered to be a detractor of cryptocurrencies. Under his administration between 2017 and 2020, all of the requests made to approve a BTC-based Exchange Traded Fund were denied but now, Clayton will start his duties alongside Jon Orszag and Kevin Hasset, according to the press release.
Clayton’s last decision as a head of the SEC was to introduce a lawsuit against Ripple Labs and Brad Garlinghouse as well as others for illegally selling security which was the XRP token. For the time being, the parties were unable to settle and are in a legal process still. The ex-SEC head stated:
“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. We look forward to working with One River as the effects of digitization on our markets play out across the globe.”
River Asset Management founder and CEO Eric Peters said about Clayton:
“We are excited to have brought together such a distinguished group with deep and varying regulatory and policy experience and will continue to broaden the council to include thought leaders with diverse backgrounds and expertise.”
Peters added that the council is an entity created to examine crypto investment opportunities and how they can coexist with today’s policies. Despite Clayton’s track record, Peters thinks that his involvement will help them:
“I think through how to advance these frameworks in ways that ensure the US continues to lead the world in financial innovation and asset management.”
As recently reported, SEC’s Jay Clayton said that the US Securities and Exchange Commission struggled to keep up with the pace of the innovation in the Defi space but he is open to its potential. The tokenized stocks will form a new financial product that will fall under the Defi umbrella while others include non-custodial loans and decentralized stablecoins. Clayton’s even open to the idea of exchange-traded funds or stocks whose price tracks an index:
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post