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Crypto custodian recruits former SEC chair

Securities and Exchanges ComA US-based crypto custody startup has hired the former head of the Securities and Exchanges Commission (SEC) famous for rejecting numerous bitcoin ETF applications as a member of its advisory board.

Fireblocks has appointed Jay Clayton as its cryptography advisor.

The appointment comes weeks after the startup completed a series D funding round which secured a $2 billion valuation.

Fireblocks describes its services as a one-stop platform for institutional investors to hold, transfer and issue digital assets. It counts the likes of Revolut, eToro and Galaxy Digital as clients and has transferred $1 trillion of digital assets to date.

“I share Fireblock’s view that digital assets custody requires the same level of service as traditional custody while also striving for better regulatory outcomes in security, certainty and resilience,” said Clayton.

His current support for the crypto sector stands in contrast to this tenure in charge of the SEC between 2017 and 2020 during which time the regulator refused to approve bitcoin ETFs.

Clayton also joined the advisory board of crypto asset manager One River Asset Management in March. The firm has since submitted an application for its own bitcoin ETF.

© 2021 fundsTech

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