Cryptocurrency-dedicated venture capital firm Electric Capital has named Jay Clayton, the former chairman of the U.S. Securities and Exchange Commission, as an advisor, according to a report by Bloomberg released Wednesday.Kevin Warsh, who used to be a member of the Federal Reserve Board of Governors, and Pratiti Raychoudhury, vice president and head of research at Meta Platforms (META), were also appointed as advisors, the report said.The moves came as the emerging crypto industry faces increased regulatory scrutiny amid a broad market downturn, fueling demand for those that used to play a role in the regulatory world.Of note, Clayton has already been contributing his years of regulatory experience to the crypto space since leaving the SEC in 2020. Bloomberg said he currently serves as an advisor to crypto custody firm Fireblocks as well as crypto fund manager One River Asset Management.The SEC, meanwhile, has taken increased action in clamping down the cryptoverse in the past year, having recently sued Dragonchain for unregistered crypto asset securities offerings.
