Jay Clayton Takes Helm at SDNY, Returning to Government With Crypto Record in Tow

Former SEC Chairman Jay Clayton officially assumed his role Tuesday as U.S. Attorney for the Southern District of New York, one week after being appointed interim attorney by President Trump.

Clayton now leads one of the most influential prosecutorial offices in the U.S., known for its jurisdiction over Wall Street and a history of high-profile financial crime cases.

The Southern District has long played a central role in enforcing corporate accountability and shaping financial regulation.

In a statement released by the U.S. Attorney’s Office, Clayton said he would prioritize “protecting public safety, combating fraud, particularly on the elderly and most vulnerable,” and ensure “the integrity of our financial system, and defending our national security.”

Senate Majority Leader Chuck Schumer previously blocked the formal nomination process for several of President Trump’s U.S. Attorney picks by refusing to return the requisite “blue slips.”

As a result, Clayton will serve in his new role on an interim basis for up to 120 days.

His continuation beyond that period would require confirmation by the Senate or appointment by district court judges in Manhattan.

While Clayton’s mandate will be much broader than his previous role at the SEC, during his time at the regulatory agency, he played a significant role in policing the 2016 initial coin offering boom.

He brought 57 cases against crypto firms, ICOs, and other blockchain-based projects during his tenure from 2017 to 2020. Clayton also stopped 18 suspected fraud operations involving blockchain and digital assets, a summary published by the SEC shows.

While the general number of his enforcement actions on crypto is lower than former SEC Chairman Gary Gensler’s count (70 vs. 125 initiated), more of these were approved by unanimous votes (50% to Gensler’s 37%), according to data compiled by Cornerstone Research.

Clayton’s relationship with the crypto industry has been complex and controversial.

Clayton’s appointment to SDNY comes shortly after the SEC dropped its appeal in the landmark Ripple case that he initiated during his final days as SEC Chair in December 2020.

The SEC and Ripple said earlier this month they have been working toward a “negotiated resolution.”

After resigning from the SEC, he pivoted to advisory roles at crypto firms One River and Fireblocks, later guiding the former to list a Bitcoin ETF, despite previously hinting the Bitcoin market was open to manipulation.

Now in office, Clayton said he’s “honored” to serve alongside an institution “synonymous with excellence and integrity.” Indeed, his achievements reveal a storied career.

Clayton was nominated by President Trump in 2017 to lead the SEC and was confirmed by May of the same year with bipartisan support.

Prior to his leadership at the SEC, Clayton defended several of Wall Street’s top firms during his time at Sullivan & Cromwell.

Edited by Sebastian Sinclair