In his unique role, Clayton will serve Fireblocks in navigating the regulatory hurdles for growing and deploying digital asset infrastructure, especially spherical capital markets.
Jay Clayton, the veteran chair of the USA Securities and Trade Charge, has favorite an advisory role with blockchain infrastructure provider Fireblocks — marking a most essential addition to a company that easiest no longer too lengthy ago performed unicorn residence.
In joining Fireblocks’ advisory board, Clayton acknowledged that he shares the company’s sight that “digital asset custody requires the identical stage of service as former custody whereas also striving for better regulatory outcomes.”
Michael Shaulov, CEO and co-founding father of Fireblocks, acknowledged Clayton will “relief to reach additional the protection and security of the Fireblocks infrastructure for capital market people and merchants.”
Clayton headed the SEC between 2017 and 2020, the keep apart he helped navigate complex and usually evolving regulatory necessities for the digital asset swap. Clayton used to be present at some stage in the 2017 cryptocurrency bull market the keep apart issues surrounding preliminary coin choices and security tokens had been at the fore.
Fireblocks represents Clayton’s 2nd high-profile crypto engagement since leaving the securities regulator in December 2020. In March of this twelve months, Clayton joined a regulatory advisory council for One River Asset Management, a crypto-centered funding supervisor. The asset supervisor acknowledged Clayton used to be tapped for his immense regulatory and policy expertise.
Crypto regulations in now not recent and tax-reporting necessities, in particular, were prime of mind for the digital asset market in recent months. Present SEC Chair Gary Gensler is reportedly alive to on bringing extra regulatory oversight to the cryptocurrency market. Within the period in-between, the no longer too lengthy ago passed infrastructure bill has definite provisions that can classify blockchain infrastructure suppliers as “brokers,” which would maybe perchance enviornment them to tax necessities. Alternatively, there may be growing hope that the Treasury Department will notify crypto tax reporting rules in the come future.
On the SEC front, the securities regulator continues to bring together functions for Bitcoin (BTC) swap-traded funds, even though the now not recent consensus is that approval is now not any longer likely this twelve months.