The venture capital company Electric Capital made the announcement on Wednesday that Jay Clayton, a former chair of the United States Securities and Exchange Commission (SEC), has joined the company as an advisor.
The company, which focuses on early-stage investments in the cryptocurrency, blockchain, and fintech industries, has also named two more prominent persons to its advisory committee. These individuals are Kevin Warsh, a former member of the Federal Reserve Board of Governors, and Pratiti Raychoudhury, vice president of Meta and head of research for Meta.
According to Electric Capital, the three are anticipated to provide help to the firms’ Web3 founders by offering regulatory expertise among other things as the team tries to construct scalable crypto-enabled products with the goal of reaching billions of consumers.
Electric Cash just just made an announcement regarding the receipt of a new capital injection of one billion dollars, which the business intends to invest in early-stage Web3 companies with investment sizes ranging from one million to five million dollars. The company has financial stakes in a number of the most prominent cryptocurrency systems, such as Bitwise, dYdX, NEAR, Hashflow, and Magic Eden.
A recent development in crypto
The trend that has seen many former regulators and other prominent government officials leap into the cryptocurrency field is further evidenced by Electric Capital’s selection of Jay Clayton to serve as part of an advisory panel. Over the course of the past year, there has been a spike in these appointments, primarily as a result of the industry’s quest for regulatory clarification.
These developments have also taken place against the backdrop of a growing focus on cryptocurrencies among members of regulatory communities around the world.
Brian Quintenz, a former commissioner on the Commodity Futures Trading Commission (CFTC), is one of the individuals who has recently joined projects inside the business. Currently, Quintenz may be found working as an advisor at Andreessen Horowitz.
Brian Brooks, a former regulator at the Comptroller of the Currency, was recruited by the cryptocurrency platform Bitfury as well. In 2021, the former chancellor of the United Kingdom, Lord Philip Hammond, joined the cryptocurrency firm Copper as an advisor.
The article, “Former Chair of the Securities and Exchange Commission Jay Clayton Joins Crypto VC Electric Capital as an Advisor” was first published on CoinJournal.com.