Former SEC Chair Jay Clayton Tapped By Donald Trump For USDNY Attorney Role

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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November 15, 2024 14:31 EST

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Former United States Securities and Exchange Commission (SEC) Chair Jay Clayton has been selected By President-elect Donald Trump as the U.S. attorney for the Southern District of New York, the former U.S. president announced on Thursday.

Ex SEC Chair Jay Clayton Picked For US Attorney Role

Clayton, who currently serves as a senior policy advisor and counsel at law firm Sullivan & Cromwell LLP, is widely regarded as a business-friendly Wall Street lawyer.

Clayton will take over the role from the current U.S. District Attorney for the Southern District of New York, Damian Williams, known for securing the 25-year prison sentence of now disgraced FTX founder Sam Bankman-Fried after he defrauded investors out of $8 billion.

“I am pleased to announce that Jay Clayton, of New York, the Chairman of the U.S. Securities and Exchange Commission during my first term, where he did an incredible job, is hereby nominated to be the U.S. Attorney for the Southern District of New York,” Trump said.“Jay is a highly respected business leader, counsel, and public servant. Jay is going to be a strong fighter for the truth as we Make America Great Again.”

Donald Trump’s Shocking Cabinet Picks

Despite Trump’s announcement Thursday, not everyone in the crypto community was pleased with the news.

During his time at the SEC, Clayton noted that he believed initial coin offerings (ICOs) were securities. He approved a lawsuit against Ripple Labs for allegedly violating federal securities law over the sale of its token XRP back in 2020.

Trump has made several eyebrow-raising nominations to his Cabinet this week, selecting legally troubled Congressman Matt Gaetz to serve as Attorney General, Fox News host Pete Hegseth as the nation’s Defense secretary, and former third-party U.S. presidential candidate Robert F. Kennedy to be his Department of Health and Human Services secretary.

Most notably, Trump chose X CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy to lead the newly-created Department of Governmental Efficiency (aptly nicknamed DOGE), prompting the cryptocurrency of the same namesake to soar in price.

Similarly, Bitcoin’s price has been surging since Trump defeated Democratic nominee Kamala Harris earlier this month, with the Satoshi Nakamoto-created cryptocurrency skyrocketing past $93,000 this week.

The former U.S. president will retake the Oval Office when he swears in on January 20, 2025.