NAIROBI (CoinChapter.com)— President-elect Donald Trump has nominated Jay Clayton, former chair of the Securities and Exchange Commission (SEC), as U.S. Attorney for the Southern District of New York (SDNY). The office previously prosecuted high-profile cases, including the conviction of Sam Bankman-Fried, the former CEO of FTX.Trump nominates Jay Clayton for SDNY attorney. Source: Donald TrumpClayton’s tenure at the SEC, from 2017 to 2020, saw key developments in crypto regulation, including the agency’s lawsuit against Ripple Labs over XRP’s classification. Trump praised Clayton as a “highly respected business leader” and expressed confidence in his ability to lead the SDNY office.Clayton’s Complex Relationship with CryptoDuring his SEC tenure, Clayton supported blockchain innovation but also maintained that most initial coin offerings (ICOs) were securities. This stance shaped the SEC’s regulatory approach, including its controversial lawsuit against Ripple Labs.Filed on Clayton’s last day in office, the lawsuit alleged that XRP constituted an unregistered security, a claim partially rejected by Judge Analisa Torres in July 2023.Jay Clayton praises tokenization on CNBC. Source: XNotably, in Dec. 2021, he described himself as a “huge believer” in blockchain technology, stating, “The efficiency benefits in the financial system and otherwise from tokenization are immense.”After leaving the SEC, Clayton joined Sullivan & Cromwell as a senior policy advisor and took on various advisory roles with crypto firms. In public remarks, Clayton has acknowledged blockchain’s potential, calling tokenization’s efficiency benefits “immense.”Oversight of Crypto at SDNYJay Clayton will replace Damian Williams, whose tenure at SDNY saw high-profile crypto-related prosecutions, including FTX founder Sam Bankman-Fried’s conviction. Bankman-Fried’s sentence, 25 years for fraud and conspiracy, underscored SDNY’s aggressive stance against financial crimes.Overall, Trump’s appointees, including Clayton, represent a blend of experience and alignment with his administration’s agenda as he prepares for his return to the White House.
