The crypto-focused firm Electric Capital has hired the former chair of the SEC Jay Clayton as an adviser, according to a press release.
Alongside the former official, Meta’s vice president and head of research Pratiti Raychoudhury and former ФРС Kevin Warsh joined the firm in similar roles.
Electric Capital noted that the hires were brought in to support Web3 projects and their founders.
“Building companies and protocols in Web3 is incredibly difficult. […] Electric’s consultants are leading global experts […] and are ready to help portfolio projects address the issues.”
Founded in 2018, Electric Capital has invested in Bitwise, dYdX, Gitcoin, Immunefi, NEAR, Syndicate and other well-known projects.
In August 2020, the firm raised $110 million to launch its second fund. In spring 2022, it raised $1 billion for investments in various startups.
On December 23, 2020, Clayton left the chairmanship of the SEC, which he had held since May 4, 2017. During his tenure the regulator secured orders for penalties and disgorgements totaling more than $14 billion and returned $3.5 billion to investors.
Earlier in March 2021, the former official joined the advisory board on regulatory matters for hedge fund One River Asset Management.
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