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What about former SEC’s chair role in Ripple lawsuit? He joins advisory board of crypto unicorn Fireblocks

After suing Ripple, Jay Clayton, former Chairman of the U.S. Securities and Exchange Commission (SEC), has joined digital asset custody provider Fireblocks as an advisor.

what-about-former-secs-chair-role-in-ripple-lawsuit

Ex-SEC Chairman Jay Clayton

After suing Ripple, former SEC chair joins crypto unicorn as an advisor

According to the company announcement, Clayton will be responsible for promoting the company’s safe and secure infrastructure.

“Jay’s insights on financial stability and security in financial markets are unparalleled”, CEO Michael Shaulov praised Clayton’s expertise in regulating financial markets.

In late July, raised $310 million during its Series D round, solidifying its unicorn status.

In the interview with Financial Times, Clayton said that the adoption of the blockchain is close to inevitable. However, he also warns that the technology cannot be used for violating the law:

“I’ve always loved the potential efficiencies of this technology. But just because technology holds great promise doesn’t mean you can use it to evade the law.”

At the end of 2020, Clayton, as the boss of the SEC, sued Ripple. And after suing Ripple for violating securities laws in late December, Clayton instantly became the nemesis of the boisterous XRP community. Many of its most vociferous members are determined to wage a personal vendetta against the former SEC boss, who they believe caused “multi-billion-dollar losses” with one foot out the door.

U.S. Congressman Tom Emmer recently said that the resolution of the blockbuster suit could have “significant” ramifications for the entire industry.

Many also questioned the former SEC Chairman’s handling of the matter. The focus is on Clayton’s declaration that Bitcoin wasn’t a security. After his tenure ended at the SEC, Clayton also joined One River Asset Management, a crypto hedge fund focused on Bitcoin and Etherum. Not long ago, Clayton was also reported to have been appointed as the chairman of New York-based alternative investment manager firm Apollo Global Management.

And AZCoin News reported, Empower Oversight, a nonprofit, nonpartisan educational organization dedicated to enhancing independent oversight of government and corporate wrongdoing, has submitted a FOIA (Freedom of Information Act) request to the SEC. Over the years, SEC has increasingly faced scrutiny over its handling of cryptocurrency regulations, and the Empower Oversight investigations might impact the ongoing Ripple lawsuit.

The case recently took a twist after the SEC attempted to delete subtopics relevant to the lawsuit involving Hinman. Ripple moved to subpoena One River to determine Clayton’s compensation amid allegations of conflicts of interest.

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