Three months after resigning from the US Securities and Change Fee, or SEC, Jay Clayton has joined an advisory board of crypto funding supervisor One River Asset Administration, 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 Administration’s newly shaped tutorial and regulatory advisory council, the corporate introduced Monday. Though Clayton’s actual position throughout the advisory group wasn’t specified, One RIver CEO Eric Peters mentioned his purpose was to convey 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 considerable enhance in financial cures, presumably to the tune of over $14 billion, and returning billions to harmed traders.
He was additionally current over the last cryptocurrency bull market when Bitcoin (BTC) mania reached mainstream traders. In 2019, Clayton warned traders they’d be “sorely mistaken” in the event that they anticipate that the cryptocurrency can be tradeable on main exchanges with out extra stringent rules in place.
One River Asset Administration emerged as a pivotal Bitcoin participant in late 2020 by scooping up $600 million in crypto property. On the time, the agency mentioned it anticipated to personal roughly $1 billion value of BTC and Ether (ETH) by the primary half of 2021. These targets could have already been met, given the fast appreciation of crypto property to date this yr.