U.S. Securities and Change Fee (SEC) Chairman Jay Clayton will go away his position on the finish of this yr.Introduced in a press launch Monday, C
U.S. Securities and Change Fee (SEC) Chairman Jay Clayton will go away his position on the finish of this yr.
Introduced in a press launch Monday, Clayton led the U.S. regulator for 3.5 years and thought what the SEC known as a “interval of historic productiveness and unprecedented challenges.
“Due to the exhausting work of the varied and inclusive SEC staff, we now have improved investor protections, promoted capital formation for small and bigger companies, and enabled our markets to perform extra transparently and effectively,” Clayton mentioned within the announcement.
Underneath his management, the regulator has persistently rejected proposals for a bitcoin exchange-traded fund (ETF) on grounds of issues about fraud and market manipulation. Nonetheless, lately Clayton softened his stance by expressing openness to the thought of a tokenized exchange-traded fund (ETF).
Relating to his position within the digital property area, he advised a Senate committee in 2019 that the SEC has taken “a measured, but proactive regulatory strategy that each fosters innovation and capital formation whereas defending our buyers and our markets.”
The SEC has taken quite a few actions towards crypto ICO initiatives underneath his watch, although he has mentioned token issuances may be an efficient strategy to increase funds so long as the principles are adopted.
Clayton’s determination to step down comes forward of an impending change of guard within the White Home.
Whereas President-elect Joe Biden hasn’t but recommended a reputation for the SEC chairman position, his transition staff members embrace the likes of former CFTC Chairman Gary Gensler, suggesting the potential for a stricter regulatory oversight underneath Biden’s management.
It was recommended in the summertime that Clayton could transfer on to change into the subsequent the subsequent U.S. Lawyer for the Southern District of New York, after he was nominated by President Donald Trump for the position.