US Securities and Exchange Commission (SEC) Chairman Jay Clayton will leave the regulator by the end of the year, the commission announced. While Clayton's departure is six months earlier before his term is officially up, he will leave the SEC as one of its longest serving Chairs.
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During Chairman Clayton’s tenure the SEC rejected multiple applications for a bitcoin-focused exchange traded fund (ETF).
In 2018, Clayton stressed that any initial coin offering (ICO) distributing tokens among US citizens should strictly follow the SEC rules. The official also emphasized back then that bitcoin (EXANTE: Bitcoin), ether (ETH) and similar cryptocurrencies are no longer classified as securities.
"Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of my career," said Clayton.
Under Clayton's leadership, the commission enhanced the ability of businesses of all sizes to raise capital in our public and private markets, subject to strong and effective investor protections, the SEC pointed out.
Earlier in November, the SEC raised the limit on funds that can be attracted through regulated crowdfunding campaigns from $1.07 million to $5 million. Regulated crowdfunding allows startups to make securities offerings without having to register with the SEC. To this end, it is sufficient to limit the amount that non-accredited investors can invest. According to the SEC regulations, anyone can participate in this type of campaign.
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