But not to the SEC. Reuters is reporting that former SEC Chair Jay Clayton “is in talks for several potential roles” in the new Administration, according to “several sources familiar with the matter.” Clayton, a political independent, is reportedly “seen as a contender for jobs including attorney general and treasury secretary, according to five sources. Two of the sources said Clayton has also expressed an interest in running the CIA.” According to Reuters, Clayton has advised the transition team that he would be ‘delighted to serve’ in any senior position where he could be effective.”
The article continues that, at the SEC, Clayton was known for “often forging consensus with Democratic commissioners, and some former staffers said he was able to shield the agency from [some] political controversies” during his tenure. He served as SEC Chair throughout the four-year term of the prior Administration. Reuters reports that two of its sources “said Clayton could be a good candidate for attorney general, but they downplayed chances he would be picked for treasury secretary.”
Former SEC Commissioner Robert Jackson, Jr., lauded Clayton as “as thoughtful and consensus-building as they come….He can be expected to seek consensus where it’s available but he’s unafraid to drive his agenda forward when it’s not.” Several former SEC staffers and others also confirmed his reputation as a consensus builder.
The article reports that “Clayton pushed through more than two dozen measures that eased regulations for corporate America. Critics said these weakened investor safeguards or diminished investor rights. SEC enforcement during his tenure focused on issues seen as typical for Republican administrations aimed at protecting individual investors and smooth functioning of markets. The agency also pursued numerous cases in the cryptocurrency sector, but [more] smaller scale cases than the major ones brought under…Gary Gensler.”
Who is in the running for new SEC Chair? According to Fortune, some of the names being floated are former Commissioners Dan Gallagher and Paul Atkins and current Commissioner Mark Uyeda. All have reportedly been critical of the current SEC’s approach to regulation of crypto. And current SEC Chair Gary Gensler? He reportedly acknowledged that “[d]emocracies have consequences, but we’re going to continue to do that which we do well at the SEC until, as I say, the ref calls the whistle….Traditionally, presidents decide who chairs the SEC. That’s a good part of democracy.”
