- The Department of Justice released a press release from the Attorney General, William Barr.
- Jay Clayton, Chairman of the US Securities and Exchange Commission, will now serve as the US Attorney for the Southern district of New York.
- US President, Donald Trump had nominated Jay Clayton to be the SEC Chairman on January 20, 2017.
Yesterday, the Department of Justice released a press release from the Attorney General, William Barr. He announced that Jay Clayton who was the Chairman of the US SEC will now serve as the US Attorney for the Southern district of New York.
US President, Donald Trump had nominated Jay Clayton to be the SEC Chairman on January 20, 2017. On May 2, Jay Clayton won the majority of votes, 61-37 in the US Senate, to secure his position as the SEC Chairman. On May 4, Clayton was sworn in as the Chairman of the SEC.
Barr has also said that Clayton will accept this new post and will start to impart his services as the US Attorney from July 3rd. On behalf of President’s voice for the service that Clayton has provided in his tenure as the Chairman of the SEC. He says that Clayton has been very successful as the SEC chairman. He solve the difficulties ranging from cybersecurity issue to the Covid-19 pandemic.
Mixed Reactions on SEC Chairman Replacement
Jake Chervinsky who is a general counsel at Compound tweeted the US SEC Chairman is one of most important US Officials when it comes to the crypto regulation.
He also adds that replacement of Clayton’s position as the SEC Chairman will have a great impact on the cryptocurrency industry. As a wide range of issues will require clarity in the future.
However, not many people agree to the fact the crypto industry will be affected in any way by Clayton’s replacement. Michael Arrington, the founder of TechCrunch, said that Clayton leaving the SEC is a win for the crypto industry. He hopes that he does less damage as the US Attorney.
The relationship that Clayton had with the crypto industry is not something which we call ‘stable’. During the Initial Coin Offering (ICO) boom in 2017, he made a statement on the cryptocurrencies and ICOs in December, 2017. Hence, his statement made the jurisdiction of the agency over the industry very clear.
Clayton had supported the formation of capitals for the Blockchain technology and innovations. However, he had accused cryptocurrency for not putting security of the users as the first thing in their priority list. However, Many crypto regulations still remain shady and expected more of Clayton for the welfare of the industry.