Former SEC Chairman joins crypto-focused VC Electric Capital
• A former member of the Federal Reserve Board of Governors has also joined the firm as an advisor
Venture capital firm Electric Capital has named former Securities and Exchange Commission (SEC) Chairman Jay Clayton as an adviser, according to a Bloomberg report.
The crypto investor also named two other advisers, Kevin Walsh, former member of the Federal Reserve Board of Governors; and Pratiti Raychoudhury, vice president and research head at Meta Platforms (META).
“They realize there’s something real happening here,” Avichal Garg, managing partner at Electric Capital, said of ex-regulators stepping into the crypto space.
Clayton and Warsh will help Electric Capital’s portfolio companies navigate changing crypto regulations around securities law, stablecoins and decentralized finance, Garg told Bloomberg.
The company has raised $1 billion for two new funds earlier this year.
Among other former regulators who have moved into crypto within the past year are ex-Commodity Futures Trading Commission heads Brian Quintenz and J. Christopher Giancarlo. Quintenz sits on investment giant’s Andreessen Horowitz’s crypto advisory panel, and Giancarlo is a strategic adviser at CoinFund.
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