- Jay Clayton to resign as SEC Chairman by the end of the year
- The commission under his watch was able to bring innovative development to its operation
Jay Clayton has announced his decision to resign from his position as the Chairman of the US Securities and Exchange Commission (SEC). He made it known that he would be vacating the office by the end of the year.
Clayton, who still had over 5 months left before his tenure was to end, declared that he was proud of the work he has been able to carry out with the SEC team.
During his tenure as SEC chairman, Clayton and his team were able to get over $14 billion in fines from different violators of the SEC regulations. In 2020 alone, the Commission has been able to secure nearly $5 billion. This is a record in the fiscal year of the regulatory body.
President Trump appointed Clayton as his SEC Chairman in May 2017. The President later went on to state that he had the intention of nominating Clayton into the office of the U.S. attorney in Manhattan. However, this did not happen.
Clayton was able to drive different levels of policies and development across Wall Street and the traditional financial system. His tenure recorded some level of impacts on the crypto market through the use of innovative developments and ideas that its effect was far reaching on the crypto space.
Clayton’s impact on the crypto industry as SEC’s Chairman
Jay Clayton impacted the crypto industry through his office as Chairman of the SEC by establishing a Cyber Unit in the Division of Enforcement. This unit was tasked with fishing out violations bothering on digital assets, security challenges faced in the financial market and a host of other issues that could be affecting the industry.
Not only that, as SEC Chairman, the commission stopped Telegram from continuing its Blockchain project while at the same time making Kik pay a fine of up to $5 million.
The commission has also successfully stopped 18 suspected blockchain fraud projects since 2017.