In a press release, One River Digital Asset Management and its partner One River Asset Management announced the addition of Jay Clayton to the Academic and Regulatory Advisory Board. Clayton is the former chairman of the US Securities and Exchange Commission and is considered a critic of cryptocurrencies.
At least in practice and under its administration (2017-2020), all requests for approval of a Bitcoin-based Exchange Traded Fund have been rejected several times. Clayton will start work immediately alongside Jon Orszag and Kevin Hasset.
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Clayton’s final decision as head of the SEC was to commence a lawsuit against Ripple Labs, Brad Garlinghouse, and others for allegedly illegally selling a security, the XRP token. The parties were unable to reach an agreement for the time being and are at an early stage in the legal process. The former SEC chairman stated in a joint statement about joining the company:
We were impressed with Eric’s willingness to hear our different views on the digitization of our money, banking and capital markets ecosystem and One River’s commitment to transparency. We look forward to working with One River as the impact of digitization is affecting our markets around the world
River Asset Management founder, CEO and CIO Eric Peters said the following about Clayton and the new additions to the company’s team:
We are pleased to have brought together such a distinguished group with deep and diverse regulatory and policy experience and will continue to add thought leaders with diverse backgrounds and expertise to the council.
Peters added that the council formed by Clayton is a unit created to study crypto investment opportunities and how to coexist with current guidelines. Despite Clayton’s track record, Peters believes his dedication will help them do that
Think about how you can evolve this framework so that the US continues to be the world leader in financial innovation and wealth management.
Bitcoin is trading at $ 57,494, up 4.5% on the 1-hour chart and moving sideways on the 7-day chart.