Trump picks ex SEC Chair for crypto oversight

President-elect Donald Trump has nominated Jay Clayton, former SEC Chair, to serve as U.S. Attorney for the Southern District of New York.

Trump announced the decision on his social media platform, Truth Social, praising Clayton’s experience and performance during his tenure at the SEC.

"Jay is going to be a strong fighter for the truth as we, Make America Great Again," Trump stated.

Clayton brings a strong legal and academic background, holding degrees in engineering, law, and economics from prestigious institutions such as the University of Pennsylvania and the University of Cambridge.

Before leading the SEC, Clayton was a partner at Sullivan Cromwell, served on its management committee, and continues as a senior policy advisor at the firm.

Currently, Damian Williams holds the position of U.S. Attorney for the Southern District of New York, having been appointed by President Joe Biden.

As SEC Chair from May 2017 to December 2020, Clayton oversaw over 2,800 enforcement actions, resulting in $15 billion in financial remedies, including $3.5 billion returned to investors.

His tenure focused on providing regulatory clarity in emerging markets, including cryptocurrency.

Clayton’s term ended with the SEC filing a lawsuit against Ripple Labs over XRP (CRYPTO:XRP), a case still unresolved and under appeal by the SEC.

Trump’s appointment of Clayton signals a potential shift in regulatory oversight, particularly regarding the cryptocurrency sector.

Clayton has emphasized balanced regulation, aiming to protect investors while fostering innovation in the crypto space.