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Jay Clayton, former SEC boss joins crypto custodian, Fireblocks

2 min read

TL;DR Breakdown

  • Clayton, former SEC boss to join crypto custody firm.
  • Clayton to help the firm evolve through legislative landscape.
  • People still surprised clayton is involved in crypto firm administration.

Former chairman of the Security and Exchange Commission (SEC), Jay Clayton has been named an advisory board member of crypto custody provider, Fireblocks.

This is the second time Jay Clayton would join the board of a crypto firm. His first was in March 2021, when he was appointed to the Board of Directors at One River Asset Management.

One River Asset Management recently filed a carbon-neutral BTC ETF application with the SEC.

Clayton will help guide Fireblocks to evolve through the legislative landscape in the U.S. and abroad. He would also help on educating investors about security and safety within the world of crypto.

“My primary role is to help Fireblocks and its customers understand how these new digital solutions and investment opportunities best fit within existing market infrastructure, processes and regulations,” Clayton said.

The former SEC chair said he shares the firm’s belief that digital asset custody requires the same level of service as traditional custody.

CEO and co-founder of Fireblock, Michael Shaulov, said that the firm would greatly benefit from having Jay Clayton on the advisory board, given his expertise on many aspects of the financial sector.

Jay Clayton, Fireblocks, crypto community

Fire blocks is the type of firm one might expect Clayton to join after his tenure at the SEC. The crypto firm took a conservative and risk-adverse position towards the growing crypto industry. It was also still open to the potential of blockchain technology to add transparency and efficiency to the financial system, a common belief the firm shares with Clayton.

Fire blocks went from 100 clients to 500 in the span of a few months in sectors such as crypto trading, crypto retail, and traditional financial institutions. Since its inception in 2019, Fireblocks has acted as custodian for over $1 trillion in digital assets.

However, Clayton getting involved in another crypto endeavor remains a surprise given the cautious approach taken by the SEC towards the burgeoning industry under his tenure.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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