Bitcoin

Jay Clayton will step down as President of the US SEC later this year

Jay Clayton, who has been chairman of the US stock exchange regulator since May 2017, will leave the agency at the end of 2021.

In its official press release, the agency noted that Clayton was one of its oldest bosses. Crypto enthusiasts will likely be familiar with the work of the agency, whose activities have created some of the most controversial regulatory issues in the face of this new asset class.

This includes initial debates about whether or not certain crypto assets should be defined as security according to the 71-year Howey test.

Jay Clayton will step down as President of the US SEC later this year
Jay Clayton will step down as President of the US SEC later this year

As president, Clayton also warned Bitcoin (BTC) investors last year that they would be “very wrong” in expecting the cryptocurrency to be traded on larger exchanges without tighter regulation.

During Clayton’s tenure, the SEC would have won more than $ 14 billion in bailout orders, a record $ 4.68 billion in fiscal 2020 alone, and returned approximately $ 3.5 billion to investors . Injured party. The commission also paid approximately $ 565 million to whistleblowers, including the largest single premium paid to a whistleblower of $ 114 million.. In his department statement, Clayton said:

“The US capital markets ecosystem is the strongest and most agile in the world. Thanks to the hard work of the SEC’s diverse and inclusive team, we have improved investor protection and encouraged capital formation for businesses large and small, and we have enabled our markets to be more transparent and secure to function more efficiently. “

While today’s press release provides no indication of the President’s next steps, U.S. Attorney General William Barr, recently announced Clayton’s nomination as the next United States attorney for the southern borough of New York.

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