|Fireblocks Onboards Former SEC Chairman Jay Clayton as Advisor
Digital asset security and asset transfer platform Fireblocks has announced that Jay Clayton, Former Chair of the US Securities and Exchange Commission (SEC), has joined the companys advisory board, stating that Claytons previous experience in regulation will allow him to steer the company in handling the requirements for developing and deploying solutions around crypto assets.To get more news about ADA, you can visit wikibit.com official website.
Fireblocks is following an emerging trend within the digital asset space: hiring former regulators to help them navigate the complex crypto space in order to offer a compliant digital asset service to professional and institutional investors. According to a press release shared with Cryptonews.com, Clayton has over 30 years of experience in international financial markets.
Jays insights on financial stability and security in financial markets is unparalleled, said Michael Shaulov, CEO and co-founder of Fireblocks. Jay will help to advance further the safety and security of the Fireblocks infrastructure for capital markets participants and investors.
The release adds that as a partner and member of the management committee at the Sullivan & Cromwell law firm, Clayton advised a wide array of high-profile corporate clients that included various large, complex financial institutions and broker-dealers. He was also among the first SEC Chairpersons to carefully consider the status of digital assets within the context of the US securities law framework.
This goes in line with the requirements at Fireblocks, as the company is looking to help adoption among new and traditional financial institutions, they said.
They explain that they have over 500 customers ranging from global banks to large crypto-native exchanges, lending desks, hedge funds, OTC (over-the-counter) desks, and market makers, as well as over USD 1trn in digital asset transfers—all of which requires careful consideration to keep in line with an ever-evolving regulatory framework.
Clayton stated that he shares Fireblocks view that digital asset custody requires the same level of service as traditional custody while also striving for better regulatory outcomes in security, certainty, and resiliency.
He foes on to add that he appreciates the company‘s commitment to improving all aspects of the custody and transfer ecosystem and the team’s level of engagement with industry incumbents who have robust legal and compliance infrastructure as well as new entrants in the space.
Fireblocks has recently acquired “double unicorn” status through funding rounds that brought its valuation to USD 2bn.
Their place in the crypto universe might become additionally solidified if a report by digital asset research firm Arcane Research comes true, projecting that institutional players might dominate the bitcoin (BTC) trading space in the near future.