The U.S Security and Exchange Commission (SEC) has confirmed that its chairman Jay Clayton will leave office by the end of this year.

Clayton, who has served for more than three and the half years as chairman of the SEC is one of the longest-serving chairs of the commission.

During his tenure, the SEC rejected proposals aimed at creating a bitcoin exchange-traded fund (ETF) on the claims that the ETF proposal did not meet the legal requirement to prevent fraudulent and manipulative acts and practices.

The bitcoin ETF approval which would have been a milestone in digital assets would have enabled seamless ownership, security and investment in cryptocurrency by investors without physically owning the stock themselves.

Last year, Clayton warned investors about investing in bitcoin. He claimed that bitcoin needs stronger regulations, and until those regulations are put in place, it will not be traded on a major exchange.

However, when giving the account of his role in the digital assets space before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, he said the SEC has taken a measured, yet proactive regulatory approach that both fosters innovation and capital formation while protecting our investors and our markets.

Based on a report by Yahoo News, the SEC under Clayton has exacted $14 billion in financial penalties, conducted more than 10,000 exams, and paid approximately $565 million to whistle-blowers, including a record $114 million pay-out, the largest single award in the program’s history.

The announced exit of Clayton from office is as a result of the emergence of Joe Biden as the winner of the U.S presidential election that will lead to the The U.S Security and Exchange Commission (SEC) has confirmed that its chairman Jay Clayton will leave office by the end of this year.

Clayton, who has served for more than three and the half years as chairman of the SEC is one of the longest-serving chairs of the commission.

During his tenure, the SEC rejected proposals aimed at creating a bitcoin exchange-traded fund (ETF) on the claims that the ETF proposal did not meet the legal requirement to prevent fraudulent and manipulative acts and practices.

The bitcoin ETF approval which would have been a milestone in digital assets would have enabled seamless ownership, security and investment in cryptocurrency by investors without physically owning the stock themselves.

Last year, Clayton warned investors about investing in bitcoin. He claimed that bitcoin needs stronger regulations, and until those regulations are put in place, it will not be traded on a major exchange.

However, when giving the account of his role in the digital assets space before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, he said the SEC has taken a measured, yet proactive regulatory approach that both fosters innovation and capital formation while protecting our investors and our markets.

Based on a report by Yahoo News, the SEC under Clayton has exacted $14 billion in financial penalties, conducted more than 10,000 exams, and paid approximately $565 million to whistle-blowers, including a record $114 million pay-out, the largest single award in the program’s history.

The announced exit of Clayton from office is as a result of the emergence of Joe Biden as the winner of the U.S presidential election that will lead to the appointment of a new leader.