Jay Clayton, the former chairman of the US Securities and Exchange Commission (SEC), has joined the advisory board of crypto firm Fireblocks. Fireblocks is a Bitcoin and Ethereum custodian based in Israel with a valuation in excess of $2 billion. Clayton has stated that he believes in both the promise of blockchain technology and the need for greater regulation of the cryptocurrency sector. Several governments are moving quickly to regulate the crypto business.
Jay Clayton is a fan of cryptocurrency and blockchain technology. “There is a US government interest in ensuring that, to the extent that the world begins to digitise, US regulation remains as tough, remains the gold standard, but also encourages the use of the technology,” he added.
According to Jay Clayton in a statement to the Financial Times. “I've long been fascinated by the potential efficiencies of this technology,” the former SEC chairman continued. “However, just because technology offers enormous promise does not imply it may be used to circumvent the law.” Fireblocks serves as a one-stop shop for institutions to keep, transfer, and issue digital assets in several jurisdictions. Its clients include the London-based challenger bank Revolut, the retail trading platform eToro, and the cryptocurrency bank Galaxy Digital.
Previously, Fireblocks raised a $2 billion Series D financing led by Sequoia Capital, Stripes, and Spark Capital. Bank of New York Mellon, Silicon Valley Bank’s venture arm, and Thailand’s Siam Commercial Bank’s venture arm, SCB 10X, are among the crypto firm’s investors. During his term as SEC chairman, Jay Clayton was known for cracking down on crypto firms, particularly ICOs. During his time at the SEC, he also never approved a bitcoin-ETF.