Securities and Exchange Commission (SEC) Chairman Jay Clayton is stepping down as the head of the agency at the end of the year, and it’s leading many in the Bitcoin space to wonder if Hester Peirce will take the helm.
Clayton was expected to step aside next year and take on the U.S. Attorney for the Southern
District of New York role after being recommended by President Trump. However, with Biden’s likely appointment, things have taken a sour turn for Jay Clayton.
Clayton, who has been at the head of the SEC since 2017 and is one of the agency’s longest-serving bosses, is seen by many in the Bitcoin space as a major stumbling block for Bitcoin adoption.
Under Clayton, the SEC took a hard line on cryptocurrencies, rightly defining almost all of them as securities. This led to a harsh crackdown on initial coin offerings (ICO), which were all mostly deemed to be securities.
Clayton was also disliked in the Bitcoin space for constantly dismissing Bitcoin Exchange Traded Funds (ETF) proposals.
After one rejected proposal, Clayton said he couldn’t understand why anyone would think a Bitcoin ETF was a possibility because getting an honest report on the Bitcoin price was impossible.
During Jay Clayton’s tenure, no less than five firms filed multiple Bitcoin ETFs, and of course all of them were denied, which the denial was usually put down to a ‘lack of investor protection.’ Read More