Key Takeaways:
- Jay Clayton has joined the advisory board of Fireblocks, a crypto custody provider
- The former SEC chair stresses the important of a regulatory framework over crypto markets
Former SEC chief Jay Clayton Joins Crypto Custodian Fireblocks
Jay Clayton, the former US Securities and Exchange Commission Chairman, has joined Fireblocks’ advisory board. Fireblocks is a cryptocurrency custody provider and acts as a platform for institutions to hold, transfer and issue digital assets across various jurisdictions.
The former chair of the regulatory agency is currently most responsible to introduce guardrails on crypto. He has been a long-time supporter of bitcoin and the blockchain technology. Also, Clayton is an advisor to bitcoin-oriented hedge fund One River Digital Asset.
“Fireblocks will greatly benefit from having Jay on the advisory board given his expertise on many aspects of the financial sector,” said Michael Shaulov, CEO and co-founder of Fireblocks.
Jay Clayton’s Tasks Will Include Education About Security in Crypto
Mr. Clayton’s role at the company would be dual. On the one hand, he will be promoting the cryptocurrency space by laying out its characteristics and promising future as problem-solving technology in financial operations.
On the other hand, Mr. Clayton would need to educate institutional investors about security and safety within the nascent world of crypto. His efforts would be directed toward merging the crypto industry with mainstream finance.
Mr. Clayton said,“I share Fireblocks view that digital asset custody requires the same level of service as traditional custody while also striving for better regulatory outcomes in security, certainty, and resiliency.” He added, “I think the technology has a chance to be part of a step change in terms of eliminating frictions and enhancing performance, including regulatory performance,” the former SEC chair added.
Jay Clayton, has been at the helm of the SEC under the Trump administration from 2017 until last year. Moreover, he was carefully monitoring the first big rise in the crypto market in 2017. Back then, he ruled that Bitcoin did not meet the criteria to be called a security.
During his tenure at the SEC, and to this day, Jay Clayton has been calling for the introduction of regulations and rules that would guard and govern cryptocurrency transactions and activities.