Digital asset custody, transfer and settlement company Fireblock has appointed Jay Clayton as a member of its advisory board.
Clayton, former chair of the US Securities and Exchange Commission (SEC), brings more than three decades of experience in international financial markets to the board.
As advisory board member, Clayton will be responsible for helping Fireblock’s customers navigate market and regulatory rules that affect the development and deployment of digital solutions.
During his three-year tenure at SEC, Clayton guided the agency through several major global shifts in financial regulation – some of which are still evolving – such as the EU’s adoption of the second Markets in Financial Instruments Directive reforms, the transition away from LIBOR, and Brexit.
Under Clayton's leadership, the commission obtained orders for over $14 billion in monetary remedies, including a record $4.68 billion in fiscal year 2020, and returned approximately $3.5 billion to harmed investors.
In addition, the commission paid approximately $565 million to whistleblowers, including the largest single award in the programme’s history ($114 million) which was given out in 2020.
Clayton was also among the first SEC chairpersons to consider the status of digital assets within the context of the US securities law framework.
As well as serving at the SEC, Clayton has participated in the Financial Stability Board, the International Organization of Securities Commissions, the Financial Stability Oversight Council, and the President’s Working Group on Financial Markets.
Prior to joining the SEC, Clayton practiced law at the international law firm, Sullivan & Cromwell where he advised financial institutions and broker-dealers.
Clayton joins Fireblocks’ cryptography advisor, Ran Cannetti, along with Cyberstarts’ founder Gili Raanan, Tenaya Capital’s Tom Banahan, Capitolis’ Gil Mendelzis, Paradigm’s Fred Ehrsam, and Stripes’ Ken Fox on the seven-member advisory board.
Commenting on his appointment, Clayton says: “Fireblocks has emerged as a leader in the evolving digital asset space. I share 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.”
Michael Shaulov, CEO and co-founder of Fireblocks, comments: “Fireblocks will greatly benefit from having Jay on the advisory board, given his expertise on many aspects of the financial sector. Jay will help to advance further the safety and security of the Fireblocks infrastructure for capital markets participants and investors.”
