Jay Clayton, the Ex-Chair of the U.S. Securities and Exchange Commission (SEC) has recently joined the digital assets cybersecurity firm, Fireblocks, as an advisor.
According to a Thursday report, this new position at Fireblocks represents Clayton’s second crypto-focused engagement after leaving the SEC.
Earlier in March, the former regulator had joined the Board of Directors at $2.5 billion crypto investment manager, One River Asset Management.
Clayton’s new role in Fireblocks will help the crypto startup to navigate through the rapidly changing legislative landscape in both the U.S. and abroad.
Despite having a strict background in the SEC, Clayton noted that he fully believes in the potential of blockchain technology and expressed his excitement in joining the crypto cybersecurity firm.
“I’m very bullish on the ability of blockchain and other technologies to eliminate frictions in the system. You will end up with better and more secure transfer and custody as we integrate blockchain technology into our financial ecosystem.”
Fireblocks Making its Way to the Top
With a focus on protecting digital assets from bad players within the industry, Fireblocks has been making names for itself and had recently achieved a blockchain unicorn status.
It has raised over $450 million from several top institutional investors, including Stripe, SCB 10X, and even the world’s largest custodian bank, BNY Melon, ever since its launch back in 2019.
The Israel-based crypto startup is currently valued at $2 billion and has several infrastructure solutions that have been adopted by over 500 institutions, including cryptocurrency exchanges, hedge funds, and over-the-counter (OTC) trading desks. Some of Fireblock’s partners include BlockFi, eToro, Galaxy Digital, and many more.
With a rapidly increasing client base and financial products, Clayton’s appointment as Fireblock’s advisor will help advance the security of the company’s infrastructure for its clients.
Former Regulators Venture into the Crypto Space
In recent months, several former lawmakers and regulatory executives have been accepting different positions in various crypto companies.
This development comes amid increasing regulatory scrutiny on the activities of crypto entities, prompting these exchanges to search for regulatory clarity and guidance.
A few months ago, leading crypto exchange, Binance, hired former U.S. Senator, Max Baucus, as its policy and government relations advisor.
