Jay Clayton, the former chairman of the Securities and Exchange Commission, has joined blockchain infrastructure provider Fireblocks as an advisor.
In his new role, Clayton will aid Fireblocks in navigating the regulatory hurdles for developing and deploying digital asset infrastructure, especially around capital markets.
Clayton admitted that he supports Fireblocks‘ belief that “digital asset custody demands the same degree of service as traditional custody while simultaneously seeking for better regulatory results” when he joined the advisory board.
Clayton will “help to advance further the safety and security of the Fireblocks infrastructure for capital market participants and investors,” according to Michael Shaulov, CEO and co-founder of Fireblocks.
Between 2017 to 2020, Clayton was the chairman of the Securities and Exchange Commission, where he helped the digital asset market negotiate complicated and rapidly changing regulatory regulations.
Clayton was present during the 2017 bitcoin bull market, when concerns about initial coin offerings and security tokens were prominent.
Clayton’s involvement with Fireblocks is his second high-profile crypto project since leaving the Securities and Exchange Commission in December 2020.
Clayton joined the regulatory advisory council for One River Asset Management, a crypto-focused investment manager, in March of this year. Clayton was chosen for his extensive regulatory and policy knowledge, according to the asset management.
In recent months, the digital asset market has been focused on cryptocurrency laws in general and tax reporting obligations in particular.
Gary Gensler, the current chair of the Securities and Exchange Commission, is allegedly interested in bringing additional regulatory oversight to the cryptocurrency industry.
Meanwhile, certain clauses in the recently passed infrastructure bill could designate blockchain infrastructure providers as “brokers,” subjecting them to tax obligations.
However, there is increasing optimism that the Treasury Department will soon clarify crypto tax reporting laws.
The Securities and Exchange Commission (SEC) continues to receive applications for Bitcoin (BTC) exchange-traded funds, though it is widely assumed that approval will not come this year.
