According to a Department of Justice press release published late Friday, Jay Clayton was nominated by US President Donald Trump to hold the prosecutor’s office. Clayton spent three years as chairman of the nation’s top securities regulator SEC before being nominated by the US President for the US Attorney of New York. Clayton’s term as chairman was supposed to expire in 2021. The press release said current US Attorney for Southern District of New York, Geoffrey Berman would be stepping down, but he denied plans to resign in a statement.
“Jay has been an extraordinarily successful SEC Chairman.”
William Barr noted that Jay Clayton would accept the nomination of President Trump and his new post as US Attorney will start on July 3. According to the Forbes report, US President felt Chairman Clayton had performed in his role at the SEC. William Barr stated, “For the past three years, Jay has been an extraordinarily successful SEC Chairman, overseeing efforts to modernize the regulation of the capital markets, protect Main Street investors, enhance American competitiveness, and address challenges ranging from cybersecurity issues to the COVID-19 pandemic.
Crypto community anxiously awaits for the next SEC Chairman.
Crypto industry leaders immediately noted this announcement and described what is at stake for crypto regulations. The new SEC Chairman will play a decisive role in the crypto regulations. The current SEC chairman had repeatedly denied BTC ETF time after time. Now the crypto community has all hope on the next Securities Exchange Commission Chairman. Jake Chervinsky, who serves as general counsel at Compound and an adjunct professor at Georgetown University Law Center tweeted that the SEC chair is one of the most important US officials for crypto regulation. Chairman Clayton’s replacement will have a massive impact on the industry. Clarity on a wide range of issues for years to come hangs in the balance, he added.