JAY CLAYTON’S POST-SEC WHEELING AND DEALING
Updated: Jul 31, 2021
Those who dubbed Clayton “the most conflicted SEC Chair in history” during his nomination will enjoy learning about what he has been up to since leaving the agency. Despite being notoriously anti-crypto as SEC Chairman, he has taken highly lucrative jobs right out the door at firms deeply invested in Bitcoin and Ether, the only two tokens his agency gave clarity to:
Rejoined his former firm Sullivan and Cromwell as a Senior Policy Advisor. (The one that helped take Alibaba public)
Joined One River Asset Management to advise them on cryptocurrencies.
One River is well known for being a crypto whale with more than a billion USD in holdings.
Clayton helped One River file an application for a Bitcoin ETF in late May of this year.
Let’s walk through why this is important:
Clayton has taken three cushy positions to cash in on his SEC connections.
·At Apollo, he stepped in to cover for an Epstein associate. Nothing like a small circle of friends to help each other out [If you missed it, Clayton’s ties to Epstein are discussed in the previous chapter.]
Does Clayton really think that now is the time for a Bitcoin ETF after years of shutting them down and pushing them aside? Our bet is that he doesn’t care one way or another as long as his pockets are being lined.
Clearly, Clayton doesn’t give a rat’s ass about appearances – he has helped out his Epstein buddies, profited from his statement that Bitcoin is not a security, and reversed his opinion on Bitcoin ETFs all in less than a year since he left the SEC. While we bet he isn’t earning as much as XRP holders lost from his lawsuit against Ripple, there is no question that Clayton is being paid millions to abandon his principles and go back on prior statements. But hey, if you have deep connections to Jeffery Epstein, you probably didn’t have principles in the first place.
If you think that Clayton’s conflicts of interest are something to talk about, wait until we talk about his partner-in-crime William “Bought by China” Hinman. That starts next.