On Friday, June 19, Attorney General William P. Barr announced that President Trump intended to nominate Jay Clayton, currently the Chairman of the Securities and Exchange Commission, to serve as the next United States Attorney for the Southern District of New York (SDNY). The crypto industry is excited that the chances for approval of a bitcoin ETF may improve with Clayton’s exit.
The SEC is proposing to amend the rules that define the term “accredited investor,” a class of investors allowed to invest in private market investments such as hedge funds and startups. The threshold to qualify as an accredited investor is currently $1 million.
Jay Clayton said in testimony to the Senate that the SEC was taking a measured approach to regulation of digital assets.
Jay Clayton was very positive on the prospects of distributed ledger technology, or the blockchain, in his testimony to the Senate. He also stated that the SEC was a “measured approach” to regulation of digital assets.
The SEC has proposed new rules on the use of derivatives by mutual funds, ETFs, and closed-end funds. The new rules would also impact business development companies. The new rule would provide an updated and more comprehensive approach to the regulation of funds’ derivatives use.
SEC Commissioner Allison Herren Lee wants the SEC to clarify its role and update disclosure requirements on ESG.
In prepared remarks addressed to the Investment Advisory Committee (IAC), SEC Commissioner Lee drew attention to investors’ growing interest in ESG. The IAC was meeting to consider the topic “Whether Investors Use Environmental, Social, and Governance (ESG) Data in Investment/Capital Allocation Decisions.”