It was announced that SEC Chairman Clayton would leave his post: What does it mean for Bitcoin?

It was announced that SEC Chairman Clayton would leave his post: What does it mean for Bitcoin?

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Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC),will leave his post at the end of this year.

Clayton led the U.S. regulator for 3.5 years, a process that the SEC called “a period of historic productivity and unprecedented challenges,” according to a news release Monday. “Through the hard work of the diverse and extensive SEC team, we have improved investor protections; encouraged capital formation for small and large businesses, and enabled our markets to operate more transparently and efficiently,” Clayton said in the announcement.

In the crypto community, Clayton is also known for his cautious stance on Bitcoin (BTC) exchange traded funds (ETFs). Under his leadership, the SEC had consistently rejected offers for a Bitcoin exchange traded fund (ETF) due to concerns about fraud and market manipulation. Recently, however, Clayton has softened that stance, expressing openness to the idea of a tokenized ETF.

Regarding its role in digital assets, it had told a Senate committee in 2019 that the SEC had adopted a “measured but proactive regulatory approach that promotes innovation and capital formation while protecting investors and markets.”

The SEC has taken numerous measures against ICO projects under its supervision, but said token issuers can be an effective way to raise funds as long as the rules are followed. Clayton's decision to step down came ahead of a change in Presidential Management at the White House.

While President-elect Joe Biden has yet to propose a name for the SEC chairman role, transition team members include Gary Gensler, the former head of the Commodity Futures Trading Commission (CFTC),which suggests the possibility that tighter regulatory oversight will be seen under Biden's leadership.

Could bitcoin ETFs be given the Yesil light with Jay Clayton's departure from SEC?

Mike Novogratz, CEO of Galaxy Digital and a Bitcoin investor, said in an earlier interview that the SEC had so far denied any ETF applications were accepted and that ETFs could be given the Yesil if they left. Michael Arrington, also the founder of CrunchBase and TechCrunch, used the following statements in a tweet::

"REGARDLESS, JAY CLAYTON'S DEPARTURE FROM THE SEC WOULD BE A WIN FOR THE CRYPTO WORLD.”


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