|Employer||Securities and Exchange Commission|
|Location||New York City|
Walter "Jay" Clayton is the chairman of the U.S. Securities and Exchange Commission (SEC).
Speaking at a CoinDesk-sponsored Consensus conference in November 2018, Clayton said that when tokens are issued in order to finance a venture and the tokens are bought by persons hoping to profit from the token price appreciation, those are obviously securities. He also said that the status of some tokens may not be clear cut and with regard to XRP, the token issued by Ripple, Clayton acknowledged that "some of these questions require a lot of information." With regard to the potential for an SEC-approved cryptocurrency ETF, Clayton raised concerns about the potential for manipulation of trading the underlying coins on unregulated platforms.
In an intensely anticipated response to a formal request from U.S. Congressman Ted Budd regarding cryptocurrencies, which can be found here, Clayton wrote to the Congressman - in a letter that can be found here, that he believed that a token could transition to being a non-security after having been issued as a security. The letter affirmed SEC Director of the Corporation Finance Division William Hinman's 2018 statement that a currency could transition although, unlike Hinman, Clayton made no reference to Ethereum or any other cryptocurrency. CoinCenter, a Washington, D.C.-based cryptocurrency advocacy group, claimed that it had worked with Budd to draft the letter.
Later, Clayton told Fox Business News that he is not opposed to cryptocurrencies but is concerned about the potential for its manipulation to the disadvantage of investors. Clayton also said in the interview, "“What I’m concerned about at the moment is if it can be reasonably demonstrated that the underlying trading is generally not manipulated, it’s happening on reliable venues with good rules and that custody is something we can feel comfortable about."
Full page on MarketsWiki
- Donald Trump to nominate Wall Street lawyer Walter Clayton to lead US Securities Commission. Indian Express.
- SEC Pick Jay Clayton Is a 180 From Chairman Mary Jo White. The Wall Street Journal.
- Jay Clayton SEC Biography. SEC.
- SEC Chair Clayton: Crypto ETF Needs Exchanges ‘Free From Manipulation’. CoinDesk.
- SEC Chair Clayton Affirms Agency’s Stance Ether Is No Longer a Security. CoinDesk.
- SEC Chairman Clayton just confirmed Commission staff analysis that found Ethereum (and cryptos like it) are not securities.. CoinCenter.
- SEC Chairman Clayton on bitcoin: Buyer beware. Fox Business News.