US SEC Chair Clayton Short-Listed as Attorney for Stringent Crypto Regulatory District
William Barr, the US Attorney General, has stated that President Trump will most probably give Jay Clayton the job of attorney for a major portion of New York, which is historically known as tough jurisdiction for crypto related businesses.
Barr said in a June 19 statement from the Department of Justice, or DoJ:
“I am pleased to announce that President Trump intends to nominate Jay Clayton, currently the Chairman of the Securities and Exchange Commission, to serve as the next United States Attorney for the Southern District of New York.”
In cryptocurrency’s 11-yr history, New York has often taken a tough stance against the budding sector. The The state’s financial services department introduced BitLicense in 2015, bring crypto related businesses under regulatory oversight. The region is perceived to be a difficult place for crypto related firms.
Specifically, in the past few years, the Southern District of New York (SDNY) has seen several crypto-related law suits in several categories, including the case of Ross Ulbricht, who ran the Silk Road black market that facilitated payment in digital assets.
Barr praised Clayton as the best suited person for working as the attorney, considering his prior experience. He said “His management experience and expertise in financial regulation give him an ideal background to lead the United States Attorney’s Office for the Southern District of New York.”
In the last few years, Clayton has hogged the limelight several times in relation to digital asset governance. In December 2019, he has stated that the SEC chief expressed his positive view about blockchain adoption by industries.
Last August, nevertheless, he indicated his reluctance to be flexible with regard to laws governing crypto assets.
Clayton, in an interview with Bloomberg, said:
“I think a lot of people got excited that somehow we would change the rules to accommodate the technology and they invested their time and effort thinking that would happen […] I have been pretty clear from the start, that ain’t happening.”
Clayton, in September 2019, also opined the necessity for stringent rules in order to list Bitcoin on mainstream financial markets.