Jay Clayton is nominated to be a prosecutor in New York and would be in charge of overseeing the regulation of cryptomonies

Jul 02 2020
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U.S. Attorney General William Barr announced that President Trump will likely appoint Jay Clayton as the legal enforcer for part of New York, a state that historically has had a tough regulatory stance on cryptomonies.

Barr said in a June 19 statement from the Justice Department, or DoJ:

„I am pleased to announce that President Trump intends to nominate Jay Clayton, currently chairman of the Securities and Exchange Commission, to serve as the next U.S. attorney for the Southern District of New York.

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Loaded with legal and regulatory battles

Over the course of the 11-year history of cryptomontages, New York has shown a rigid regulatory atmosphere for the developing industry. The state’s Department of Financial Services implemented BitLicense in 2015, forcing cryptomone-related companies to comply under strict guidelines. The region has made a name for itself as a difficult terrain for the growth of cryptomoney.

The Southern District of New York, or SDNY, in particular, has hosted a number of cryptomone-related legal battles in recent years. The list covers a variety of categories, including the court case of Ross Ulbricht, the man behind the Silk Road black market, which allowed payment of digital assets.

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Barr promoted Clayton as a candidate for the role of attorney for the region, given his past work. „His administrative experience and financial regulatory expertise provide him with the ideal background to head the U.S. Attorney’s Office for the Southern District of New York,“ Barr said in the statement.

Clayton has talked a lot about cryptology as SEC chairman

In recent years, Clayton has made numerous headlines in relation to the regulation of digital assets. In one of his most recent statements, the SEC chief spoke favorably about blockchain, the industry’s underlying technology in December 2019.

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In August 2019, however, it showed its unwillingness to bend on the issue of cryptoactive guidelines.

In an interview with Bloomberg, Clayton said

„I think a lot of people were excited that somehow we would change the rules to accommodate the technology and they spent their time and effort thinking that would happen, […] I’ve been pretty clear from the beginning, that’s not happening.

In September 2019, Clayton also expressed the need for stricter regulation of Bitcoin if the asset is to be listed on traditional markets.