For Clayton, bitcoin was not a security, but it was a store of value.
The former official was announced in March as an advisor to One River.
The former chairman of the United States Securities and Exchange Commission (SEC), Jay Clayton, after rejecting nine bitcoin exchange traded funds during his tenure, became part of the hedge fund One River. Currently, this firm applied for a green bitcoin ETF.
The position of the former official, after leaving the SEC, changed and now advocates a bitcoin ETF as an advisor to the fund.
Clayton in November of last year declared that “bitcoin was not a security, but was much more a means of payment and a store of value.” That is was not under the regulatory control of the SEC And therefore the crypto asset could not be part of some financial products such as ETFs.
However, on May 24, One River filed the ETF application with the SEC. As CriptoNoticias reported, the fund does not follow the price of bitcoin but rather a special index, called MVIS One River Carbon Neutral Bitcoin Index.
The intention is “to offset the carbon footprint associated with bitcoin by buying and withdrawing the carbon credits necessary to account for the estimated carbon emissions associated with the bitcoins held by the fund,” the firm explains.
One River’s proposal comes right at a time when the bitcoiner community is debating the alleged environmental impact of Bitcoin digital mining. The discussion was prompted by billionaire Elon Musk, a few weeks ago, which led to a drop in cryptocurrency prices.
A green ETF proposal could attract investors, not counting all that Clayton can contribute, after knowing every detail of how the SEC works.
In December 2020, One River decided to step into the world of digital assets with the acquisition of $ 600 million worth of bitcoin and ether, Ethereum’s native cryptocurrency. Additionally, they have commitments that will raise their crypto holdings to roughly $ 1 billion this year.
Clayton and the legal battle against Ripple
One of the actions former SEC Chairman Jay Clayton took while in office was to file legal action against the Ripple company and its co-founders, Christian Larsen and Bradley Garlinghouse in 2020.
The SEC indicted the company for selling XRP to fund company activities. Alsoconsider that this asset is a security unregistered and Ripple, for its part, argues that it is a “virtual currency.”
The legal conflict is still in court. Among the latest moves by Ripple, is the hiring of former US agency Rosa “Rosie” Gumataotao Ríos, as reported by CriptoNoticias.
Ríos said that Ripple “is one of the best examples of how to use cryptocurrencies in a substantive and legitimate role to facilitate payments globally.”