Ex-SEC Chair Joins Crypto Investor Electric Capital As Advisor
• August 24, 2022 10:24 pm • CommentsIt has been revealed that the former SEC chairman Jay Clayton just joined crypto investor Electric Capital as an advisor.
This is not the first time that Clayton has been involved in the crypto space since he left the SEC and his involvement indicates that even those who were working on the regulatory side can be very in favor of crypto.
Besides Electric Capital, Clayton has also been involved in other investment firms that either deal with digital assets directly or indirectly.
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Electric Capital is known as a crypto-focused venture capital firm that currently raised over $1 billion in capital for two funds this year.
"The news continues a trend of regulatory experts sliding over to jobs in the crypto industry."https://t.co/szaTVXjDeG
— Eleanor Terrett (@EleanorTerrett) August 24, 2022
CoinDesk reports:
The crypto investor also named two other advisers: Kevin Walsh, former member of the Federal Reserve Board of Governors; and Pratiti Raychoudhury, vice president and research head at Meta Platforms (META).
Clayton isn’t new to the crypto space since leaving the SEC. He is an adviser at digital assets custodian Fireblocks and at investment manager One River Asset Management.
Among other former regulators who have moved into crypto within the past year are ex-Commodity Futures Trading Commission heads Brian Quintenz and J. Christopher Giancarlo.
Quintenz sits on investment giant’s Andreessen Horowitz’s crypto advisory panel, and Giancarlo is a strategic adviser at CoinFund.
Clayton is far from being the only former regulator that has joined the crypto space.
There has been a very big trend in recent years where high profile law makers and traditional finance executives joining the crypto industry.
Some may be attracted to the huge potential growth of digital assets while others may be trying to improve the situation which is that the industry needs better regulatory clarity.
Whatever the case may be, it is clear that there is a lot of change going on within the space with new top talent entering it everyday.
#xrpcommunity
This is a major insult to the XRP Community and @Ripple.
Jay Clayton has now joined several Crypto Companies after suing Ripple December 2020. https://t.co/uufy9bVYgy— JamesRuleXRP💫HODL💫DYOR💫I Told You So🚀👊😎 130K (@RuleXRP) August 24, 2022
CoinJournal concludes:
Electric Capital’s appointment of Jay Clayton as part as an advisory team adds to a trend that has seen many former regulators and other top government officials jump into the crypto space.
These appointments have increased over the past year, largely amid the sector’s push for regulatory clarity.
The moves have also come amid growing attention on crypto from across the global regulatory community.
Among those to join projects in the industry include Brian Quintenz, a former Commodity Futures Trading Commission (CFTC) commissioner. Quintenz is currently an advisor at Andreessen Horowitz.
Crypto platform Bitfury also tapped Brian Brooks, a former regulator at the Comptroller of the Currency, while former UK chancellor Lord Philip Hammond joined crypto startup Copper as an advisor in 2021.
Former SEC chair Jay Clayton is now advising a crypto VC firm 👀
Not on my 2022 Crypto Bingo card https://t.co/o4A1Y71z0D
— Laura Shin (@laurashin) August 24, 2022
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