One River has put forward a statement to announce that Jay Clayton would assume an adviser’s position with the firm in the coming days. The firm announced that Clayton linking up with them as an advisor would further help their push for their crypto services. The firm previously announced a partnership with Brevan Howard, a hedge fund.
To further make its claim in the crypto sector, One River purchased a huge amount of digital assets some months back, amounting to $600 million. The company has announced that it has set its sights on the $1 billion marks to further back this up.
Clayton to advise on crypto
While Clayton looks like the only popular figure amongst the appointed advisors, it is safe to note that the other two are pretty popular in US politics. The second person, Kevin Hasset, used to hold the post of the economic advisor during the Obama era. While the third man, Jonathan Orszag, was also an office holder in the Bill Clinton administration.
A statement from the firm’s CEO at the beginning of the year mentioned that crypto was thoroughly undervalued. This was expected, judging by the huge acquisition that the firm made during the period. Clayton left his position as the Chairman of the United States Securities and Exchange Commission following the expiration of the Trump era. With the space now vacant, crypto savvy Gary Gensler is expected to assume office in the not-so-distant days.
Clayton was stringent while in office
While Clayton was in office, the SEC choose to class the digital assets as Securities, and they should be under their watch regularly. While his office went after most ICOs conducted on Ethereum, the regulator failed to go after the enabling ground, Ethereum itself. Before leaving the office, Clayton made one last call, slamming crypto remittance payment company Ripple with a massive $1.3 billion fine.
The regulator claimed that XRP was a security, and the firm failed to register it. This, therefore, implies that Ripple had sold and asked its investors to invest in an illegally listed coin. After stepping down, Clayton has held a position at Apolo Global.