Jay Clayton, chairman of the U.S. Securities and Exchange Commission (SEC) since May 2017, is stepping down at the end of this year, according to an official news release today.
Jay Clayton, chairman of SEC
“Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of my career,” said Chairman Clayton. “I am proud of our collective efforts to advance each part of the SEC’s tripartite mission, always with an eye on the interests of our Main Street investors. The U.S. capital markets ecosystem is the strongest and most nimble in the world, and thanks to the hard work of the diverse and inclusive SEC team, we have improved investor protections, promoted capital formation for small and larger businesses, and enabled our markets to function more transparently and efficiently.”
Clayton was sworn in on May 4, 2017, after being appointed by President Donald Trump. Now that Joe Biden has been elected as the new U.S. President, it remains to be seen who replaces Clayton.
“I would like to thank President Trump for the opportunity, and the support and freedom, to lead the women and men of the SEC,” he added.
During Clayton’s tenure, the SEC reportedly obtained orders for over $14 billion in monetary remedies, a record $4.68 billion in the fiscal year 2020 alone, and returned approximately $3.5 billion to harmed investors. The commission also paid out roughly $565 million to whistleblowers, which included the largest single award sum paid out to a whistleblower date of $114 million.
In the crypto community, Clayton is also known for his cautious stance on Bitcoin ETF.
XRP’s status also remains unclear. Clayton once said, “some of these questions require a lot of information,” referring to a question of whether XRP is a security or a utility token.
The U.S. Attorney General William Barr recently announced Clayton’s nomination to serve as the next United States Attorney for the Southern District of New York.