Bitcoin News

Former SEC Chair Clayton Joins Fight for Approval After Rejecting Bitcoin ETFs

Former SEC Chair Clayton Joins Fight for Approval After Rejecting Bitcoin ETFs

While SEC Chair Gary Gensler reveals his regulatory agenda, his predecessor, Jay Clayton, works in some of the same sectors and investments that his panel neglected to address during his time.

One River Asset Management

Clayton serves on One River Asset Management. They recently filed a registration statement for the One River Carbon Neutral Bitcoin Trust. The suggested exchange-traded fund seems to fit all of the current investment trends. It’s the latest effort to obtain permission for an elusive Bitcoin ETF. Following the rejection of three prior proposals under Clayton’s tenure. Additionally the latest in a long line of products touting their environmental credentials under the ESG designation.

Unsucessful Bitcoin ETF Attempts

Several unsuccessful attempts for the approval of Bitcoin ETF during his four-year chairmanship. Despite protests from activists inside and outside the financial services industry, the commission failed to act on ESG disclosure requirements and even went so far as to undercut the sector’s momentum by proposing limiting ESG consideration in retirement accounts.

Bitcoin aficionados relieved

Adam Pritchard, a professor at the University of Michigan Law school:

“He’s no longer a government official, he needs to earn a living to pay for his fancy Manhattan apartment, and you’re not going to get paid for being neutral on these topics. People are hiring you to be an advocate or endorse what it is they’re doing or lend credibility. So, if you’re monetizing your reputation, you’re going to have to pick aside.”

Bitcoin and other cryptocurrency aficionados will have the former SEC head on their side. However, Clayton is far from the first person to make the transition between the government and the private sector.

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