SEC Chairman Jay Clayton Resigns

SEC Chairman Jay Clayton Resigns

SEC Chairman Jay Clayton said he will step down at the end of this year after three and a half years at the agency.

According to a notice from the U.S. Securities and Exchange Commission (SEC), Jay Clayton will leave his position at the agency six months earlier – he originally planned to do so in June 2021. Clayton has been chairman of the SEC since May 2017, he has seen the ICO era and the largest rise in the bitcoin exchange rate to $20,000. Clayton held the position that unregistered securities were sold at almost all ICOs held, which violated American law.

At the same time, Clayton did not consider bitcoin and ether as securities, calling these crypto assets an alternative to state currencies. In October last year, the SEC supported his position, officially stating that it does not consider bitcoin a security. In addition, Clayton recently expressed interest in tokenized exchange-traded investment funds (ETFs), but before launching the bitcoin ETF, he proposed to increase the level of security with the help of custodial services.

“Working together with dedicated SEC employees has been an important part of my career. I am proud of our collective efforts to implement the SEC’s mission, which always takes into account the interests of investors. The US capital market is considered the strongest in the world. Through hard work, the SEC has improved investor protection, facilitated capital formation for small and large businesses, and increased the efficiency and transparency of our markets, ” Clayton said.

Note that over the past few years, the SEC has fined many cryptocurrency projects that conducted ICOs. Since the beginning of 2020, the Commission has collected $4.68 billion in fines and confiscated illegal income, with a quarter of this amount coming from Telegram.