An increasing number of financial experts are learning about cryptocurrencies as they have become options for most companies. Due to the low understanding of cryptocurrencies, most companies are seeking cryptocurrency experts and advisors.
Ex-SEC Chairman Clayton takes up crypt advisory role
The former chairman of the United States Securities and Exchange Commission (SEC), Jay Clayton, has taken up a cryptocurrency advisory role at One River Asset Management. The firm is backed by hedge fund titan Alan Howard.
According to the Bloomberg report earlier today, Clayton’s appointment is part of the firm’s broader move into cryptocurrencies after it partnered with Alan Howard of the hedge fund Brevan Howard.
One River became one of the largest investment firms with cryptocurrency holdings after buying BTC worth roughly $600 million last year. The firm intends to boost its cryptocurrency holdings to $1 billion this year, and it holds only Bitcoin and Ethereum.
Clayton, alongside two others, will advise One River CEO, Eric Peters. Jonathan Orszag, a consultant and former advisor to US President Clinton, and Kevin Hassett, a former economic advisor to President Trump, are the other two.
One River bullish on Bitcoin
One River has been bullish about Bitcoin for a while now. In January, the CEO stated that cryptocurrencies are drastically undervalued, and their prices could surge over the coming years. This isn’t a surprise, as several cryptocurrency experts have made this point in the past.
Clayton was the SEC chairman during President Trump’s tenure and rejected several Bitcoin ETFs in his time. However, he publicly stated that Bitcoin and Ethereum are not securities. Hence they are not under the purview of the regulatory agency.