Former SEC Chair Jay Clayton Joins $2 Billion Crypto Custodian as Advisor

Former SEC Chairman Jay Clayton will be joining a $2 billion crypto-custodian based in Israel, known as “Fireblocks.”

Why Clayton Joined Fireblocks

Fireblocks was launched in 2019 and has seen impressive growth since, having already acted as custodian for over $1 trillion in assets and scaled from 100 to 500 institutional clients in the crypto and traditional finance industries within only months.

Clayton’s job at Fireblocks will be to guide the company through the global regulatory landscape and to help them refine its position on securities.

Clayton believes both he and Fireblocks are willing to obey any future decisions by the commission.

“I know that [Fireblocks CEO Michael Shaulov] and his colleagues are committed to regulatory compliance… So to the extent that the SEC determines that certain digital assets that are trading on platforms are in fact securities and should be regulated accordingly, I certainly understand that.”

Former SEC Chairman Turned Crypto Bull?

Clayton now seems supportive of the industry and optimistic of its future prospects.

He is very bullish on the ability of blockchain and other technologies to eliminate frictions in the system. They will end up with better and more secure transfer and custody as we integrate blockchain technology into our financial ecosystem.

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