Former Chairman of the United States SEC, Jay Clayton is all set to join the regulatory advisory council of One River Asset Management.
He has taken the advisory role at the hedge fund’s newly formed Academic and Regulatory Advisory Council.
Stint At The SEC
Clayton had previously as Chair of the SEC from May 2017. He has been at the receiving end of severe criticism after declining Bitcoin ETF proposals throughout his years of service in the federal government agency. During this three-year stint, Clayton has also said that he does not see Bitcoin trading on a major exchange until it is “better regulated”.
He bid adieu to the role in the SEC in December 2020. Before stepping down, the American Attorney had filed the bombshell lawsuit of $1.3 billion against Ripple wherein he accused the blockchain firm of selling XRP as an unregistered security.
Besides, Clayton was recently appointed as the non-executive Chair of Apollo Global Management recently.
Role As A Crypto Advisor
According to the official press release by One River Digital Asset Management, Kevin Hassett, Vice President and Managing Director of The Lindsey Group, and Jon Orszag, Senior Managing Director and member of the Executive Committee of Compass Lexecon, will also join One River’s advisory council along with the former SEC exec.
In a joint statement, the ex-SEC Chairman, Hassett and Orszag reportedly said,
“We were impressed by Eric’s willingness to hear our varying views on the digitization of our monetary, banking, and capital markets ecosystem and One River’s commitment to transparency. We look forward to working with One River as the effects of digitization on our markets play out across the globe.”
With regards to One River Asset Management, the asset manager has emerged as an important player in the cryptocurrency industry, especially in late 2020. It had reportedly raked a whopping $600 million in crypto-assets in one of the largest public transactions with the cryptocurrency. Currently, the firm manages more than $2.5 billion in institutional assets.