31 Burst results for "Jay Clayton"

Jay Clayton looks back on the 'driving force' during his term heading the SEC

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

00:26 sec | Last week

Jay Clayton looks back on the 'driving force' during his term heading the SEC

"Sec chairman jay clayton assert stepping down from his post at the end of the year months ahead of his planned. June twenty twenty one departure. This news was mostly welcomed by those in the crypto space with larry. Cermak the block. Tweeting that this boded well for a long-awaited bitcoin. Etf surprisingly on cnbc clayton also said that. The inefficiencies of existing payment systems have driven the rise of bitcoin

Jay Clayton Cermak SEC Larry Cnbc Clayton
What the Crypto Industry Could See Under a Biden Administration

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

04:46 min | 3 weeks ago

What the Crypto Industry Could See Under a Biden Administration

"So to the question. I'm sure everybody's wondering about. He had asked for advocating on behalf of the industry or the community. How will that change. And to describe that sort of set the baseline by describing how or what. The strategy was the trump administration. And how you think that will change under a potential biden administration. Yes you have to remember. The biggest barrier to getting better policy in washington is an education barrier. This is a really new emerging fast emerging space. It's complicated it's difficult for policy makers to find the time to to learn the ins and outs of how it works Another challenge we have. Is that most of your everyday. Average consumers don't really do much with crypto yet. And so it's not top of mind. For policymakers by our strategy over the past couple of years has been to grow the base of champions on these issues and work with them to put forth. What we think are thoughtful. Good solutions Another important piece of what we do. Is we try to stop bad things from happening. Which we've succeeded. Add a couple of times on the legislative side because it's just as important to stop bad things than it is to get good things going forward and i would they an example if well there've been a couple bills that have been floated introduced like a very early version of the manage stable coins or securities. Act for example. You know that would have defined stable coins in a way that it wasn't intended to so the spirit of the legislation might might not have actually been not terrible but the way it was drafted was was would have been very hurtful to the industry and so we were able to work with that office get some of those definitions change but ultimately it stalled into able to prevent that from going forward the the because these are such niche issues. For policymakers we really had to rely heavily on those who have a personal passion for this space. So you know has to pursue. You've interviewed multiple times brian brooks. They've been fantastic. Allies champions to have and having them in those spots heads you know not only have they been able to put forth their own ideas. But they've been able to educate their peers their regulatory regulator peers on on cryptos that. That's positive any congress we. Have you know some good champions that are continuing to put ideas forward but the reality is it's a long way towards actually getting big comprehensive package across the finish line so as we look to the biden administration is if that is indeed dealing with. I mean who knows anything could change. I actually think the combination of a biden administration with the republican senate. Which i think is where we're going but again that could change too but those that is really really good for crypto and there are couple of reasons for that that the trump administration is a little bit mixed. Right as i mentioned we have. Has we have brian. They're great we'll secretary mnuchin. Who's not a big fan of the space Trump himself We have jay clayton. Who has been a skeptic Those are you know mnuchin. Clayton are appointed by trump And they've been standing in the way of getting something so as we look to the biden administration were hoping to be able to get educated crypto educated regulators in key positions in the sec. The cftc sec and doing what we can to try to influence those choices and in survivable played important role in picking. Those people are but because we have a republican senate. Those choices i think. We're going to be much more moderate than they would have. If if the democrats take the senate Under a democrat controlled senate than the progressives Have a little bit more of a say in who those. Those people are but If the senate banking committee is controlled by pat toomey mitch mcconnell's running the senate floor. Those guys are not going to approve of somebody. That's two left and they're gonna need to get some republican votes for those positions. So i think that's good for crypto because the support we've had from democrats tends to be those that are a little bit more to business that are open to You know private sector innovation. And i think that that that is actually a winning combination in. There's potential to get some great great

Trump Administration Biden Mnuchin Brian Brooks Biden Administration Republican Senate Jay Clayton Washington Senate SEC Congress Donald Trump Clayton Cftc Senate Banking Committee Brian Pat Toomey Mitch Mcconnell
Moderna pitches virus vaccine at about $50-$60 per course

Squawk Pod

00:23 sec | 4 months ago

Moderna pitches virus vaccine at about $50-$60 per course

"Making headlines. Madonna. Is, reportedly, planning to price its corona virus vaccine at fifty to sixty dollars per course. That's at least eleven dollars more than another vaccine proposed vaccine from Pfizer and buying tech. The Financial Times reports price would apply to the US and other high income countries, but that the final price has yet to be determined.

Pfizer Financial Times United States
Moderna Starts Phase 3 Trial For Its Coronavirus Vaccine

Squawk Pod

02:06 min | 4 months ago

Moderna Starts Phase 3 Trial For Its Coronavirus Vaccine

"Corona, virus cases continue to rise hot spots across the country Madonna Therapeutics is racing to find a vaccine, and as of this weekend it has four hundred seventy two million dollars in government support today marks the launch of Maderna's phase three Cova vaccine study conducted in collaboration with the NIH and the Anti Madeira Develops. Drugs based on what's called. MESSENGER or a these genetic molecules carry instructions from your DNA to other parts of the body to develop certain healthy proteins. The race for a vaccine is moving at an unprecedented pace. There are nearly two hundred candidates development with twenty seven, being tested in humans, the goal getting some kind of. Of FDA nod of approval by next year, although the first vaccine likely won't solve all of our corona virus problems, it's a start and every time markets catch wind of a vaccine approval on the twenty twenty one horizon they respond, which has meant for some Pharma executives big prophets at Madeira Multiple exacts including the CEO you'll hear from in a moment changed their stock. Sale plans this year. Yielding hefty payouts after Cohen, nineteen vaccine trials showed positive results. There are no current allegations of insider trading at Medina, although since news of these stock sales came to light SEC chairman. Jay Clayton joined TV broadcast with a suggestion for companies like modern. I encourage companies to get out there. Disclose where they stand. And limit the amount of sense now it's not possible to limit all touched information. You've got to be negotiations, but limited speculation as to where your company stands. As we move forward and then with respect to things like financing Possible changes in operations, material changes in the way. You do your. Business Practice, good corporate hygiene announce them as soon as you can and before you're able to announce them. Keep that information as tight as possible. The News of Maderna's phase three trial, and it's fresh infusion of government. Cash is a good thing for vaccine hopes,

Maderna Anti Madeira Madonna Therapeutics Jay Clayton NIH FDA Cohen Medina CEO Chairman SEC
Democrats demand investigation over firing of powerful New York federal prosecutor

America's First News

02:06 min | 5 months ago

Democrats demand investigation over firing of powerful New York federal prosecutor

"The chair of the house Judiciary Committee at representative Jerrold Nadler confirming he's planning on issuing a subpoena to Attorney General bill bar that to compel testimony about the firing of U. S. attorney Geoffrey Berman over the weekend Berman was investigating trump associates Senate minority a Democrat Chuck Schumer as the senator from New York I will not return a blue slip on Mr Clayton's nomination but regardless Jay Clayton should withdraw his name from consideration and refused to be an accomplice to this game there appears to be no legitimate motive to fire Mr Berman which leaves the obvious question for president trump and Attorney Attorney General General trying trying to to remove remove them them for for a a corrupt corrupt motive motive was was it it because because Mr Mr Berman Berman of of the the Southern Southern District District of of New New York York or or pursuing pursuing criminal criminal investigations investigations into into president president trump trump and and his his associates associates president president certainly certainly has has a a pattern pattern of of firing firing government government watchdogs watchdogs were were investigating investigating his his misconduct misconduct or or that that of of his his associates associates we we need need an an immediate immediate top to bottom investigation into what transpired with applied to dismiss Mr Berman every time the president breaks a window the Senate Republican majority dutifully sweeps up the glass every Blue Moon or sell Republican senator will issue a mild rebuke of the president's behavior behavior Dennis Dennis wrongly wrongly worded worded letter letter but but the the response response is is never never commensurate commensurate with with the the offense offense and and as as a a result result president president trump trump knows knows there's there's no no lines lines he he can't can't cross cross Berman Berman was was never never formally formally nominated nominated to to the the post post despite despite having having been been personally personally interviewed interviewed for for the the job job by by the the president president instead instead he he was was installed installed by by a a federal federal court you heard as Schumer mentioned Clayton residents of replacement pick now in response to president trump saying he wasn't involved with the firing of Berman White House press secretary Kaylee McEntee is said that the president was only involved in a sign off capacity and that Attorney General bill Barr requested the termination bar claiming that the president requested that the termination

Dennis Dennis Press Secretary Berman White House Blue Moon Chuck Schumer Senate U. S. Attorney Representative Bill Barr Kaylee Mcentee House Judiciary Committee President Trump Trump Trump New York York Southern Southern District Dis Mr Mr Berman Berman General General Jay Clayton Senator
William Barr denies political interference after ouster of Manhattan U.S. attorney Geoffrey Berman

Newsradio 950 WWJ 24 Hour News

00:54 sec | 5 months ago

William Barr denies political interference after ouster of Manhattan U.S. attorney Geoffrey Berman

"General William Barr denying charges of political interference after he fired a key US attorney Geoffrey Berman to wait and make way for a nominee with no experience as a federal prosecutor CBS news chief congressional correspondent Nancy Cortez has a story he wants these investigations stopped in their tracks Harry Lipman is a former U. S. attorney what kind of investigations we know there have been some of Rudy Giuliani there may well be things concerning the trump organization possibly even trump himself the White House insisted today that Berman was only fired to make way for another presidential pick Jay Clayton currently heads the securities and exchange commission and has no prosecutorial experience the firing has brought accusations of bars using the justice department to protect the president and his allies

William Barr Geoffrey Berman Nancy Cortez Harry Lipman Attorney Rudy Giuliani White House Jay Clayton President Trump Us Attorney CBS U. S.
Democrats Call For Investigation, Roundly Denounce Barr’s Attempt To Fire U.S. Attorney

KRLD News, Weather and Traffic

02:22 min | 5 months ago

Democrats Call For Investigation, Roundly Denounce Barr’s Attempt To Fire U.S. Attorney

"Democrats in Congress are demanding an investigation investigation into into the the sudden sudden firing firing this this weekend weekend up up Geoffrey Geoffrey Berman Berman with with the the top top federal federal prosecutor prosecutor in in the the Southern Southern District District of of New New York York the the Berman Berman has has overseen overseen a a slate slate of politically fraught cases including the prosecutions of the president's former personal attorney Michael Cohen at his current lawyer Rudy Giuliani a justice department has not yet explained why Berman was fired what did they know when did they know it and why did they do it Democrats say Attorney General William Barr's decision to fire the U. S. attorney for the Southern District of New York reeks of potential corruption he certainly deserves impatient about again that's a waste of time because the Republicans in the Senate won't look at that the standoff began late Friday when Barr said Berman was stepping down and the chairman of the securities and exchange commission Jay Clayton was tapped to replace him Berman had security guilty plea from Michael Cohen the president's former personal attorney and was in the process of prosecuting two associates of Rudy Giuliani the president's current lawyer however later that evening Berman fired back against bar saying I have not resigned and have no intention of resigning I'm just here to do my job on Saturday morning Berman showed up for work in lower Manhattan a short time later Barr said Berman was offered other justice department jobs but after indicating he had no intention of resigning Barr wrote us the president to remove you and he has done so for his weekend rally president trump said he was bars call I don't get involved I just don't get involved but the president has to sign a document or I guess given the okay Senate Republican Tim Scott said he was not concerned Berman's removal will affect any inquires everyone in the DOJ works at the pleasure of the president number one number two there's no indication whatsoever that whatever is being investigated will not continue to move on for now Berman's deputy will be the acting U. S. attorney critics point to Jay Clayton's close ties to Wall Street and his lack of experience as a federal prosecutor one of the president's top allies Republican senator Lindsey Graham who will oversee the confirmation process CBS news late last night that he will not move forward until they're signed up from the two New York senators and both have signaled they won't provide

Chairman Senator Lindsey Graham U. S. DOJ New York CBS Tim Scott Donald Trump Manhattan Jay Clayton Congress Senate Attorney William Barr Rudy Giuliani Michael Cohen President Trump New York York Southern Southern District Dis
Attorney General says Trump fired U.S. attorney who refused to resign

WIOD Programming

00:31 sec | 5 months ago

Attorney General says Trump fired U.S. attorney who refused to resign

"Also Saturday president trump fired the U. S. attorney for the Southern District of New York Geoffrey Berman after the Attorney General on Friday said the Berman whose office is investigating the president's lawyer Rudy Giuliani was stepping down Bourbon first said he was not leaving Sir Geoffrey Berman says he's gonna be leaving his office in light of the attorney general's decision to quote respect to the normal operation of law meanwhile the president is going to be nominating SEC chair Jay Clayton disservice Berman's replacement the Attorney General says Clayton is a distinguished New York lawyer though he's never served as a

Donald Trump Attorney President Trump Rudy Giuliani Bourbon Sir Geoffrey Berman Clayton New York SEC Jay Clayton
US attorney Geoffrey Berman says he is not resigning despite AG Barr saying he was

The Moth Radio Hour

00:49 sec | 5 months ago

US attorney Geoffrey Berman says he is not resigning despite AG Barr saying he was

"The justice department is trying to oust the US attorney who oversaw key investigations of allies of president trump including trump's personal lawyer Rudy Giuliani but NPR's John Newman reports and Geoffrey Berman says he will not resign Attorney General William Barr said in a statement that Berman left his position as the US attorney for the Southern District of New York but Berman and says he has no intention of resigning and his ongoing investigations quote will move forward without delay Berman's office still has an open investigation into Giuliani Mars announcement was made abruptly Friday night and Berman says he learned of his departure from bar statement bar says the president intends to nominate Jay Clayton the current chairman of the securities and exchange commission to take over

Us Attorney Donald Trump Rudy Giuliani Geoffrey Berman William Barr New York President Trump Jay Clayton Chairman John Newman Attorney
"I have not resigned," says U.S. attorney investigating Trump associates

KNX Weekend News and Traffic

00:45 sec | 5 months ago

"I have not resigned," says U.S. attorney investigating Trump associates

"There's a showdown between the trump administration and a powerful U. S. attorney who is investigating the president's associates justice department announced it was replacing Manhattan US attorney Geoffrey Berman of Berman said he has no intention of resigning and then he learned in a press release from Attorney General William Barr that he was stepping down Berman known as a tough prosecutor has been investigating president trump's personal attorney Rudy Giuliani bars said the president intended to nominate Jay Clayton currently the chairman of the securities and exchange commission to succeed Berman CBS news a Pat Milton Berman said in a statement that he would step down when a presidentially appointed nominee is confirmed by the

Attorney President Trump Geoffrey Berman William Barr Prosecutor Donald Trump Jay Clayton Chairman Pat Milton Berman U. S. Manhattan Us Attorney Rudy Giuliani Berman Cbs
DOJ tries to oust US attorney investigating Trump allies

AP News Radio

00:47 sec | 5 months ago

DOJ tries to oust US attorney investigating Trump allies

"The Manhattan U. S. attorney who's been investigating allies of president trump refuses to leave after being ousted the justice department pushed out Geoffrey Berman and put out a statement Friday night saying he had resigned as U. S. attorney for the Southern District of New York hours later Berman put out his own statement saying I have not resigned and have no intention of resigning and that ongoing investigations would continue he was looking into trouble or Rudy Giuliani and other allies a source in the justice department says the US attorney for New Jersey will temporarily replace Berman starting July third and the White House says president trump will nominate SEC chairman Jay Clayton for the position meanwhile the house Judiciary Committee is inviting Berman to testify next week Julie Walker New York

Jay Clayton Julie Walker Chairman SEC President Trump U. S. Manhattan New York House Judiciary Committee Attorney White House New Jersey Us Attorney Justice Department Rudy Giuliani Geoffrey Berman Donald Trump
Trump fires US Attorney for Southern District of New York Geoffrey Berman

WTOP 24 Hour News

00:49 sec | 5 months ago

Trump fires US Attorney for Southern District of New York Geoffrey Berman

"The U. S. attorney who oversaw key prosecutions of president trump's allies and an investigation into the president's personal lawyer Rudy Giuliani is getting the boats and he says he learned of his firing from a news release Geoffrey Berman is being fired as the US attorney for the Southern District of New York in that release Attorney General William Barr says that Berman is stepping down from the position in a statement tonight Berman says he had no idea was happening until you read the press release he says he has no intention of resigning and will only leave when a presidentially appointed nominee is confirmed by the Senate Attorney General Barr says the president plans to nominate Jay Clayton the chairman of the securities and exchange commission the office has prosecuted former trump fixer Michael Cohen and has been investigating Giuliani and his

Attorney Donald Trump President Trump Rudy Giuliani Geoffrey Berman Us Attorney New York William Barr Jay Clayton Chairman Michael Cohen Senate
"jay clayton" Discussed on WAFS Biz 1190

WAFS Biz 1190

08:02 min | 1 year ago

"jay clayton" Discussed on WAFS Biz 1190

"This is Bloomberg best. And that we're going to get back to a conversation between David Rubenstein, co founder of the Carlisle group and host of the Bloomberg television show here to peer conversations and SEC chairman, Jay Clayton when you were a lawyer, you had very highly compensated, associates, and partners, working with you on behalf accompanies SEC pays government salaries richer. Let's say modest to say the least I wonder can you really get good people to stay there because you don't pay them that much. Yes, we, we have terrific people. We really don't okay, it's they can keep up with the, the private sector bar, and things like that, that are filing information all the time in the investment banks, I think you'd you tell me, I think our people have the respect of Wall Street, well, they are respected. And if anybody's watching this, and the look, anything I might be filing. Yes. They're very good people, and they do a great job. I just wondered whether there so under compensate. I was trying to get them as well. You know what if you can help them help me, get them a raise? Let's do it. Let's go through insider trading from the supreme court has ruled on a couple of cases against the SEC arguing that you were to tough. I guess on enforcing law. Is that a fair reading just one? We just one one the other day, which felt pretty good. Okay. But how do you not lost a few in the supreme court there, there were there were a few that we lost? And the main argument is that the courts mission Turpin of the law, when when you lose or how, you know, I think I look insider trading is actually a very delicate enforcement issue because you could have a rule that said anytime that you have information that everyone else, doesn't you can't trade. Now anytime you have material non public information, you can't trade. Well, that would discourage people from finding out things about companies. And one of the policing mechanisms in our market is private investors going looking at companies and whether the. The truth or not. So we want to encourage that kind of behavior, we want to encourage people to investigate companies the theory is that it's everybody should have access the same information. So if you're a corporate CEO, and you tell me a private citizen, you're about the by a company of the big premium. I'm not supposed to take that information. Go buy stock because it's unfair to the market, correct. That's suppose I'm sitting in emergency room of a hospital waiting to, you know, just have some something looked at by emergency room person. I'm not really that ill. And somebody wheels in the chairman of the Federal Reserve Board and the person says this person's had a fatal heart attack, or potentially fatal heart attack, very serious. If I see the person being wheeled in can I go and call my broker and say, I think the markets are going to go down because he's a very popular person can I trade on that it's a great question because that does show the like where do we draw the fairness line? If you're the doctor, you, we would say you have a duty. To keep information about the fed person confidential and no one would expect you to trade on information. You obtained by being a doctor. But if you happen to be standing there at the emergency room when he or she gets wheeled in. That's that information you didn't acquire any various way or any trust or confidence way. And you should be able to trade on that just like if you saw people loading bricks instead of computers into the back of a truck, I suppose somebody is a corporate CEO, and they mentioned to me that he or she is a big company. They're going to pull out of Britain because of Brexit. They're not happy with, and that will have a big deleterious effect on British economy. Is it okay to take that information and short the pound because let's say this information would short the pound or make the pound go down. Is that a problem because it's not a security, you can buy and trade dollars. Bills or pounds. Is that a problem for the if I did that we don't police non securities transactions like that? So a currency transaction would be outside of our jurisdictional you would say I did that. That's okay. It. The answer. Is it depends? But all right. Check with your lawyer. Okay. What about crypto currencies? You've said they are not securities. Is that right? A bit. Well, just because you call something cryptocurrency doesn't mean it's not a security. Oh, we've seen a lot of things that people call cryptocurrency that are, in fact securities. But he referenced one bitcoin, which we have looked at and is not a security explained to the average person. How many members of the are there, we have forty five forty six hundred employees. Okay. And how many commissioners, there are five, and they're all pointed by the president, I'd states and confirmed by the Senate. And did you have to be from a certain party or not? I believe the way the rule rates. You cannot have more than three from the same party. So let's talk about how you came to be the chairman of the SEC, you grew up in Pennsylvania. Hershey, Pennsylvania initially, initially Hershey, Pennsylvania new went to Cambridge and then you play basketball at Cambridge shorter. You came back. And you went to university of Pennsylvania law school. And you did very well thought near the top of your class, you clerked for a federal judge, then you went to Sullivan and Cromwell one of the most successful law firms in the United States. And then all of a sudden you become chairman of the SEC where you known to the president. Did you know President Trump? No, it's actually an interesting story. A client of mine asked me to go to Trump Tower to brief some people in the transition. And how our capital markets were functioning and areas for improvement. And one thing led to another. And when you some interviews and then, and then I interviewed with the president. Okay. Did he have any tough questions tough for the minor? You're pretty good. But my told he was very impressed with you. And he said, this person looks like these should be determined. The SEC were you surprised that he offered you the job? We, we had a really good discussion. Okay, because I, I think you're always surprised when you're off the job like this. So the president proposed that you become a chairman of the SEC when you do that you have to sell all your securities. You have to give up your partnerships. They didn't tell me all that. They didn't tell you. So today, does a congress bother you on a day-to-day basis? They say go regulate this, or do that, or you know what I EV every minute, I spend up there is valuable because it's real. It is really good to hear from members and senators from from both parties what they think we should be doing. It's good to know how someone looks at you. When they when they, you know, they're, they're my board of directors, is the White House for the president. They call you with advice or suggestions, or not that much, not so much are there any signs, you see the economy that people should be worried about is if they're an investor, or you don't really get into whether the economy is weakening, and therefore, maybe they should be cautious on their investments, macro. Investment advice steady long-term investing in, in America, and our economy has proven to be a good thing. I just I can take I continue to one our markets to be a place where people invest steadily overtime their, their retirement will be a much more comfortable. That's the number one question people ask me, will, I have enough money in retirement and the best way to deal with? That is to steadily invest to the extent. You can't over time. That's SEC chairman, j Clinton speaking to Carlisle group co founder, David Rubenstein coming up. David Rubenstein sits down with his story and Doris Kearns Goodwin to discuss her book leadership in turbulent times. This is Bloomberg. Walmart's grocery pickup, and delivery is a definite winner. And if you haven't tried it, here's how it.

SEC chairman president Bloomberg David Rubenstein CEO co founder Pennsylvania Carlisle group supreme court Jay Clayton President Trump university of Pennsylvania law Trump Tower fed Walmart cryptocurrency Doris Kearns Goodwin Cambridge heart attack
An Interview with SEC Chairman Jay Clayton

Financial Issues

07:37 min | 1 year ago

An Interview with SEC Chairman Jay Clayton

"And that we're going to get back to a conversation between David Rubenstein, co founder of the Carlisle group and host of the Bloomberg television show here to peer conversations and SEC chairman, Jay Clayton when you were a lawyer, you had very highly compensated, associates, and partners, working with you on behalf accompanies SEC pays government salaries richer. Let's say modest to say the least I wonder can you really get good people to stay there because you don't pay them that much. Yes, we, we have terrific people. We really don't okay, it's they can keep up with the, the private sector bar, and things like that, that are filing information all the time in the investment banks, I think you'd you tell me, I think our people have the respect of Wall Street, well, they are respected. And if anybody's watching this, and the look, anything I might be filing. Yes. They're very good people, and they do a great job. I just wondered whether there so under compensate. I was trying to get them as well. You know what if you can help them help me, get them a raise? Let's do it. Let's go through insider trading from the supreme court has ruled on a couple of cases against the SEC arguing that you were to tough. I guess on enforcing law. Is that a fair reading just one? We just one one the other day, which felt pretty good. Okay. But how do you not lost a few in the supreme court there, there were there were a few that we lost? And the main argument is that the courts mission Turpin of the law, when when you lose or how, you know, I think I look insider trading is actually a very delicate enforcement issue because you could have a rule that said anytime that you have information that everyone else, doesn't you can't trade. Now anytime you have material non public information, you can't trade. Well, that would discourage people from finding out things about companies. And one of the policing mechanisms in our market is private investors going looking at companies and whether the. The truth or not. So we want to encourage that kind of behavior, we want to encourage people to investigate companies the theory is that it's everybody should have access the same information. So if you're a corporate CEO, and you tell me a private citizen, you're about the by a company of the big premium. I'm not supposed to take that information. Go buy stock because it's unfair to the market, correct. That's suppose I'm sitting in emergency room of a hospital waiting to, you know, just have some something looked at by emergency room person. I'm not really that ill. And somebody wheels in the chairman of the Federal Reserve Board and the person says this person's had a fatal heart attack, or potentially fatal heart attack, very serious. If I see the person being wheeled in can I go and call my broker and say, I think the markets are going to go down because he's a very popular person can I trade on that it's a great question because that does show the like where do we draw the fairness line? If you're the doctor, you, we would say you have a duty. To keep information about the fed person confidential and no one would expect you to trade on information. You obtained by being a doctor. But if you happen to be standing there at the emergency room when he or she gets wheeled in. That's that information you didn't acquire any various way or any trust or confidence way. And you should be able to trade on that just like if you saw people loading bricks instead of computers into the back of a truck, I suppose somebody is a corporate CEO, and they mentioned to me that he or she is a big company. They're going to pull out of Britain because of Brexit. They're not happy with, and that will have a big deleterious effect on British economy. Is it okay to take that information and short the pound because let's say this information would short the pound or make the pound go down. Is that a problem because it's not a security, you can buy and trade dollars. Bills or pounds. Is that a problem for the if I did that we don't police non securities transactions like that? So a currency transaction would be outside of our jurisdictional you would say I did that. That's okay. It. The answer. Is it depends? But all right. Check with your lawyer. Okay. What about crypto currencies? You've said they are not securities. Is that right? A bit. Well, just because you call something cryptocurrency doesn't mean it's not a security. Oh, we've seen a lot of things that people call cryptocurrency that are, in fact securities. But he referenced one bitcoin, which we have looked at and is not a security explained to the average person. How many members of the are there, we have forty five forty six hundred employees. Okay. And how many commissioners, there are five, and they're all pointed by the president, I'd states and confirmed by the Senate. And did you have to be from a certain party or not? I believe the way the rule rates. You cannot have more than three from the same party. So let's talk about how you came to be the chairman of the SEC, you grew up in Pennsylvania. Hershey, Pennsylvania initially, initially Hershey, Pennsylvania new went to Cambridge and then you play basketball at Cambridge shorter. You came back. And you went to university of Pennsylvania law school. And you did very well thought near the top of your class, you clerked for a federal judge, then you went to Sullivan and Cromwell one of the most successful law firms in the United States. And then all of a sudden you become chairman of the SEC where you known to the president. Did you know President Trump? No, it's actually an interesting story. A client of mine asked me to go to Trump Tower to brief some people in the transition. And how our capital markets were functioning and areas for improvement. And one thing led to another. And when you some interviews and then, and then I interviewed with the president. Okay. Did he have any tough questions tough for the minor? You're pretty good. But my told he was very impressed with you. And he said, this person looks like these should be determined. The SEC were you surprised that he offered you the job? We, we had a really good discussion. Okay, because I, I think you're always surprised when you're off the job like this. So the president proposed that you become a chairman of the SEC when you do that you have to sell all your securities. You have to give up your partnerships. They didn't tell me all that. They didn't tell you. So today, does a congress bother you on a day-to-day basis? They say go regulate this, or do that, or you know what I EV every minute, I spend up there is valuable because it's real. It is really good to hear from members and senators from from both parties what they think we should be doing. It's good to know how someone looks at you. When they when they, you know, they're, they're my board of directors, is the White House for the president. They call you with advice or suggestions, or not that much, not so much are there any signs, you see the economy that people should be worried about is if they're an investor, or you don't really get into whether the economy is weakening, and therefore, maybe they should be cautious on their investments, macro. Investment advice steady long-term investing in, in America, and our economy has proven to be a good thing. I just I can take I continue to one our markets to be a place where people invest steadily overtime their, their retirement will be a much more comfortable. That's the number one question people ask me, will, I have enough money in retirement and the best way to deal with? That is to steadily invest to the extent. You can't over

SEC Chairman President Trump CEO Pennsylvania David Rubenstein Bloomberg Supreme Court Jay Clayton Carlisle Group University Of Pennsylvania Law Trump Tower FED Cryptocurrency Co Founder Cambridge Heart Attack Hershey
"jay clayton" Discussed on Unchained

Unchained

04:28 min | 2 years ago

"jay clayton" Discussed on Unchained

"What are your insider trading pulse? He's in Howdy aunt enforce them. Because if just thinking, you know about how somebody could do this. I just feel like there's so many ways in which an employee could trade a coin without coin base knowing especially since like before launching it, including base, they would literally have to obtain those coins on a platform. That's nut coin base. Right. So so how would you even know I think it's challenging problem? But no different than any publicly traded company or any other industry. First and foremost, you fundamentally have to hire good people that you can operate from principle of trust with right? I don't think it's productive to hire people. That would if you set a set of policies that say, you can't trade acts or you can't do why they would go around that policy, and and do that on the backside. Obviously if you ever found any. Wrongdoing. We would take immediate action and then to the degree that there was potential for criminal than that. That's a separate process. But I think that first principle of this problem exists universally in any kind of industry, there's always kind of proprietary or confidential information that could potentially be misused, and, you know, no one no one talks about public companies in terms of the average person. This is an issue because it's existed for a while. There are set of norms, and if people violate those norms their repercussions, and so for us, I think we've taken a pretty aggressive approach internally in terms of what what controls we have. And I don't think we've publicly disclosed every aspect of that. But I think it's something that we feel confident is is trust building. Especially with our our partners on the on the regulatory side and our partners. And ultimately, I think it comes down to how customers the us. Right. So ultimately customers don't trust us. Then that's probably not going to be effective. I think we've we've done a pretty good job. We could probably continue to do better. Especially on the communication side customers. But it's something we take seriously an interest to go back to how you to enforce or or investigate this type of behavior. How would you do that? I don't know if I can get into the specifics there other than we take, you know, investigation of potential claim around something that would violate are employed trading policies, incredibly seriously, and to the degree that there were kind of any findings from that we would take whatever appropriate action necessary. And so as for the bitcoin cash listing there are various charts on the internet that make it look like certainly the volumes in the bitcoin cash price actually did go up in the hours before the announcement. You know, be on kind of where it had been trading before. And yet, I know that two independent law firms concluded that new inside or treating had actually taken place. So what did they find like what was the explanation for that correlation yet something that I can't get into the specifics other than what we've publicly posted? I can say though, that we take the stuff really really seriously and review it as kind of a critical component to our brand that our customers trust us. And so that was one of the reasons I think we put out the public post to begin with. But yeah, I think that's all I can talk about on that specific issue. Pain soon take over to the listings the listing website asks the token issuer that the person or team applying tat there took enlisted if the token has passed legal insecurity review. However, you also note that a factor in determining whether or not you'll list a coin is whether or not it would be considered as a security acquaint, according to coin basis securities law framework. So how much of that reviewed you leave up to the issue or and then how much does Queen based put into its own legal review. Ultimately, that's our our assessment. And we welcome and often solicit the input of external parties on that both outside counsel. And then to the that there's available legal opinions from the project itself. But I think it it depends. It's a case by case basis. And I think you know, kind of legal opinions can always get a little intense in terms of their specifics and. You know, you talked to learn they always say facts and circumstances. So for for us. It's it's we have a process we have a team that kind of works on that. And it's hard to generalize and say recently at consensus invest as he c- chairman and Jay Clayton said if you finance.

us Jay Clayton chairman
"jay clayton" Discussed on Unchained

Unchained

04:18 min | 2 years ago

"jay clayton" Discussed on Unchained

"And if so which ones in what questions remain that can jump in on this. I think to me there were really two questions. There are a lot of regulatory questions the token space. But specifically with regard to the securities law questions, I think there were two in sequence that needed to be answered the first was is it possible for something to start as Curie and eventually becoming non security or alternatively to be sold as security and eventually output, something somehow, they non-surety basically the premise behind the Saft framework. And then the second question was if so how and when and how can you decide when something is is not a security? I think the. The answer to the first question at least in informal informal discussions from the SEC hinman speech has been. Yes. So to me, you know, I'd agree with Marco doesn't valid anyone. But that certainly seems in harmony with the framework and the ideas proposed there. Yes, it is possible for something to start his as security and output something as a non security and just one thing on that. I think the simplest what you can see that is by putting Jay Clayton statement. I've never seen an icy. Oh, that wasn't offer securities next to Bill hinman statement that he doesn't think theory is a security. I can almost guarantee the Jay Clayton has seen the theory. My CO he's looked at that is the beginning of this whole trend. So those make me feel like the answer to that. First question is yes this possible. Now, the second question still remains, and we got an ounce of clarity from that him in speech. But when is this possible, how does something make this transition? How do you draw that line? That's the piece where I think we would still love to see some clarity. Now, the thing to remember there is that securities law, especially this specific determination will always call the facts and circumstances based analysis. So it's unlikely that they're going to give us a incredibly quantitative set of definitions where if x y and z are true, it is not a security. If ABC are true than it is a security, but some more clarity around. What does it mean to be sufficiently decentralized it what how can we actually make that determination? That's the piece where I think we're awaiting more clarity where that comes in the form of a specific project petitioning for some sort of no action letter in specific relief or it comes from the SEC making statements about what might lead down that path. That's the place where it's still like to see. But it's at least comforting that their public statements have been in harmony with the framework that like Marcus said has become industry standard and people are operating under the I tend to agree. I think that I think that we do have clarity around the first issue, which we. Lawyers looking at this closely, even at the outset knew that that that this was a framework that that could work, but when we got clarity from the SEC, I think we all breed wreath kind of us. I've relief. It was it was somewhat short lived. And that we still don't have open. We still don't have a quantitative approach to determining t- centralization or that that that point where you can actually launch and sell your token as a non security or you can resale your token as non security or deliver the token to investors for them to resell anon- security, but I don't think we're ever really going to have that. I think that I think that as he sees gave us actually quite a bit of clarity in the hinman speech. And the next thing to come won't come from C C. I think the next thing the next bit of clarity is probably going to come from the courts. There are a number of civil lawsuit. By private plaintiffs as opposed to the SEC, a public plaintiff where people are accused of people stand cues of all kinds of things, but the causes of action are all under the securities laws. So the first thing the court is really going to have to determine is which law applies. Is it regular old consumer protection law where you shouldn't lie to people, and you shouldn't falsely advertise or is it this very heavy weight set of rules to protect investors. The securities was I think that will probably get will probably start getting more clarity from the courts there..

SEC Jay Clayton Bill hinman Marco Curie Marcus ABC
"jay clayton" Discussed on Unchained

Unchained

03:11 min | 2 years ago

"jay clayton" Discussed on Unchained

"We're talking to more high quality projects today than we ever have been our history. Project would actually feasibly consider running I sail for and I think that's just a function of the industry maturing. There was a really really low signal to noise ratio in the early days of the industry, specifically, the ICO industry, and and that's changing and a higher and higher percentage of projects that we talked to our well intentioned feasibly high value projects that we should consider working with. So absolute numbers definitely down from from previous months or previous year. But in terms of high quality projects we are probably net positive from where we were before interesting. That's makes sense in a way like the stats that I quoted in the beginning. It's like all that money flowing in was the people who just wanted in because of foam. Oh, and because it was a bull market. And now that it's a bear market, the people that still want to do this are the ones that actually have something real to do in arches trying to make money quickly is that it's tougher to make a quick buck. When. You're in bear market. And so actually, I think a lot of those folks that were looking at this with with money signs in their eyes are now realizing that at now through time for them to chase after that investor capital in this goes along with a big trend of investors getting more sophisticated about how to diligence these projects a year ago people really had no idea. It was I were functionally brand new at least in their modern form and investors. Most of them didn't know how to diligence the project with every month that goes on in every project, they see they get better. And we're not reaching a point where investors are really sophisticated, but how do diligence and that means it's way harder for these low quality projects to raise the capital. They wanna race. Okay. Before return to Mark Marco just the last couple of questions. I want to understand about coined list, so far as or stand you treat your sales as sales of securities is not correct, generally. So we we think that chairman Jay Clayton of the has said a number of times he has yet to see. And I see oh that isn't an offering of securities. We tend to have the same perspective. We think it's theoretically possible for a sale to not be offering of securities. But we have not worked with any yet that we've treated as such and were eagerly awaiting increased clarity regulators. And from the government were broadly about if and how that may be possible. But for the time being we've taken a conservative stance that yes, all of these offerings have been offering securities in sue for that reason, you do it traditional know your customer anti money laundering process. That's right. So investors in coins sales go through customer and anti laundering due diligence and also go through a true securities offering. So in most cases for the token sales that were running this is different from airdrops. We can talk more about the difference later. But for the token sales were running they're almost always exempting their sale of securities under either read d or s which are different exemptions. That the offers for sales of securities the carry with them different requirements on how you diligence those investors, so most investors coins sales, thus far have actually been credited under the US definitions. They're worth. A certain amount or they have a certain amount of income or they fall under some other international regulation under gas. We can get the nitty gritty if it's interesting but at its core. Yes, we do KYC..

Jay Clayton ICO US Mark Marco chairman
"jay clayton" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:11 min | 2 years ago

"jay clayton" Discussed on Bloomberg Radio New York

"Interactive brokers isn't industry leader, ibkRcom/savemore futures US stock index futures and European equities are swinging between gains and losses as they grapple for direction this turmoil in emerging markets. We check the markets every fifteen minutes throughout the trading day on Bloomberg s and p futures that'll change up to NASDAQ futures up three Dow futures up twenty eight the Dax in Germany is also little change down less than a tenth of a percent. Ten year treasury up one thirty seconds yield two point eight nine percent yield on the two year two point six four percent. Nymex crude oil up a third of a percent Twenty-three cents to sixty eight ninety four a barrel. Comex gold is up six tenths percent or six dollars ninety cents at twelve o eight twenty an ounce. The euro a dollar sixteen thirty five yen won eleven point to chew watching. Shares of CBS they are down one point nine percent in early trading now down to point two percent. They've been jumping around a bit. This is on a report from CNBC CBS's board is in settlement Tauscher CEO, less moon vest that would result in his departure from the company, and that's a Bloomberg business flash. Based on Pam. Thank you very much. Karen Moskow, the US securities and Exchange Commission is going to be back at full strength. This comes as the US Senate has confirmed allowed Royce mint fill the regulators open Republican seat and here to tell us about the SEC chairman, j Clayton's agenda is the former chairman of the securities and Exchange Commission, and Bloomberg l p board member Arthur Levitt, Arthur, it's always a pleasure. What do you believe? Jay Clayton chairman of the SEC will be able to accomplish now that he has a full complement on the commission. I think he's going to get pretty much what he wants. But what he wants is a sense. Of balance. Clayton is not an ideologue. He's run the commission with great skill and has not got caught in the political headwinds of being tagged as a conservative Republican. He's been known, really. For extraordinary skill and an ability to get along with both sides of the aisle. He saddled with former staffers and indeed the next commissioners will come from the hill again, which just assures a commission that is torn by political controversy. That's unfortunate. I would much rather have seen a prominent professor of accounting or lawyer who comes from the private sector who without having been tagged with the politics of the Senate banking committee of the House Financial Services committee. But that's not what we're. These days we're not getting that kind of person, unfortunately, which assures us of a strong amount of political is in the process. Arthur, I'm so glad you're on with us. We're heading into the midterm season. Almost two years into the Trump administration. And I love to get your perspective on Jay Clayton securities and Exchange Commission. Are they doing a good job given what we're seeing with the backdrop of deregulation? Yes, I think Jay Clayton has been a superb chairman in that he hasn't gotten caught up in the political backwaters that has hampered all of the other regulatory agencies quite has been able to get along well with both Republicans and Democrats and he's been saddled with people who have allegiance to both parties rather than distinguished academics or attorneys or. Accountants I wish the commission was able to bring more accounting cases. That's been the hallmark of a great commission in the past. But aside from that, I think in an environment that is absolutely noxious. Clayton has been able to do a superb job of keeping the commission on track and bringing cases against the most outrageous, outliers there, I wanna pick up on what you said there about how you wish that they brought more accounting cases, what type of cases are you talking about? I mean is this fraud that you're seeing among corporations that you think could be cracked down upon or is it something else? That's indigenous and American business that accounting fraud is out there. It's probably the most common kind of security violation that there is and the commission from time to time has emphasized largely as a result of. Great. Directors of the accounting division life. When Turner my era brought landmark cases such as WorldCom and Enron. Those are all accounting cases, ultimately, and I wish we'd see more those. I wish there was more emphasis on that. But I think Clayton that will be known as one of the best chairs the commission has ever had Arthur Levitt in that case. Why don't you see them? Backing the fiduciary rule or why are they making it easier for investment firms to get approval for new exchange traded funds or even make it possible for individuals to invest in less. Regulated assets. Do we really need to change those things I think that? Making it easier for individuals to invest in different kinds of assets. You're kind of the twin Silla incorrectness on that. Because if you do it you extend the opportunity for investors to lose money. This is the riskiest part of the market that we're talking about. I would move very cautiously in that direction. I don't see the particular virtue to enabling investors to more easily. Stumble into bad investments. Having said that I think that the commission has a dual responsibility to see to it. That investors have an equal opportunity to make money and lose money just as everybody else, and we can't protect investors from their own bad interests while said Arthur Levitt much-appreciated, Arthur Levitt, former chairman of the securities and Exchange Commission, Bloomberg LP board member speaking about Jay Clayton. And now they've got a full complement Lisa at the securities and Exchange Commission. So it looks as though they might actually be able to get a lot done. I loved what Arthur Levitt had to say about accounting frauds, and how that sort of endemic among corporations and how he'd like to see marked on there. That's that's fascinating. Especially as we get to the later part of the cycle. Let me just bring you this headline pebble brook hotel trust and LaSalle are going to merge in a five point two billion dollar deal. Those both Washington DC companies. This is Bloomberg..

Jay Clayton Arthur Levitt Exchange Commission Bloomberg chairman Jay Clayton securities SEC US Interactive brokers US Senate professor of accounting CBS Germany Bloomberg LP fraud Karen Moskow Washington
Bitcoin breaks above $8,300 to two-month peak

CNBC's Fast Money

02:46 min | 2 years ago

Bitcoin breaks above $8,300 to two-month peak

"The latest. Hi, Bob, low, Melissa, the bitcoin sitting at the highest level since the end of it's up over thirty percents since bottoming Fifty-seven hundred. That was the end of June bitcoin bulls are pinning their hopes for more gains on bitcoin ETF getting approval by the SEC really a bitcoin ETF was filed by the CBO e back on June twenty six and backed by this is a reapplication new form of an old one that was rejected last year. It's got some bells and whistles, but essentially the old one because the SEC typically takes forty five days to make a decision. A lot of people are assuming that we'll get a decision on or before August fifteenth or so. Now there's no doubt that positive verdict would lead to another run up in bitcoin, but don't hold your breath on this. I don't think so. So I've interviewed both the chairman of the SEC Jay, Clayton and the man in charge of bitcoin policy at the SEC and both have made it clear to be they are taking a go, slow approach on the whole bitcoin ETF thing. Clayton is not going to take the risk of getting hold in front of congress on charges. He allowed mom and pop to lose money on bitcoin, at least not in twenty eighteen. Even if the price of this particularly ETF is very high, my guess is that the will not deny the request, but they will extend the comment period that's the ruling that would cause the least friction and the most likely path. Here they will cite their previous security concerns about break ins and thefts of wallets along with allegations of manipulation. They've stated before by the way. There's also some very real custodian questions that have not exactly been settled here, but other parts of the bitcoin juggernaut keep rolling on coin by coin basis, formed a political action committee to raise money to spend on US elections. They said that back on Friday night back. To you, Melissa. All right. Thank you, Bob, it's on at the new York Stock Exchange. So is the bitcoin rally here to stay are crypto baller, vk hope. So the way over to the blouse with to give us his latest bull case speaks for sure. I definitely hope so. I also hope there's an ETF, but I'm Bob on this. I think the chips is of ETF in twenty eighteen a relatively low. There's still quite a few things, but that doesn't stop speculation on that. And that's one reason why we've seen this bottoming process here from fifty eight hundred all the way up here. Number two institutions are starting to get serious. I can tell you from the calls and I'm getting people that looked out in December. Didn't like the price are coming back now and say, all right, this thing is not going away. We need to understand what it is. Where does this asset class fit into our portfolio and this week? And you saw a report that coin base has potentially secured at twenty billion dollar hedge fund for their custody service. So that number three, what are the institution seeing web three auto is here and you have to be k. well, what's web three auto Wah..

SEC Clayton BOB Bitcoin Melissa CBO United States Chairman York Congress JAY Twenty Billion Dollar Forty Five Days
"jay clayton" Discussed on KLIF 570 AM

KLIF 570 AM

02:25 min | 2 years ago

"jay clayton" Discussed on KLIF 570 AM

"The sectors i'm just i'm astounded so tell your kids to get the oil and gas degree that's good advice yeah and based on the way our solar companies have done especially one of them whoa the big win that's a big you know we sold that for breaking support and then we looked at it again and we're like hey this looks pretty good you know it's okay to admit a mistake twice when you have a quantity in the portfolio you can always come back and buy it again yeah and that's why anything that's not up this not up with the bull market if it doesn't pay dividends you could probably sell it now by back in december that's one of our rules is take your tax losses in the summer we tweet which we tend to do okay you got ipo market at a bozo word before we get to the bottom of the hour and then we'll get to the client update all right so ipo market post blistering first half of twenty eighteen now i wanna go back a year ago july thirteenth twenty seventeen in bloomberg opinion right even candle says that quainton deregulation push will not reignite ipo's nothing jay clayton who is the head of the securities and exchange commission they they've done some deregulation they made it friendlier and easier for companies to come public and we're seeing amazing activity in the ipo market the bed ban in years and i know what bloomberg did khazar manhattan cocktail party you know blue state i know what they did they they just said we'll trump thought it up so it's bad right yeah so that's that's part okay we'll cover what's coming up we got about forty seconds left in this we got the midyear assessments of the top ten predictions of bob dole he's one of our favorites because he actually not only is he good but he also comes back in grades himself and so i think that's an exciting update it's.

jay clayton bloomberg bob dole khazar manhattan forty seconds
"jay clayton" Discussed on WVNJ 1160 AM

WVNJ 1160 AM

02:28 min | 2 years ago

"jay clayton" Discussed on WVNJ 1160 AM

"Know but on the other hand those of us who would like to see small companies come and invest in them i believe in ipo's i want more more small companies 'cause i want more investors to be able to make money off these companies the chance to do that it doesn't happen they get bought out immediately and i you know we can debate whether that's good or bad i personally would have to see the companies go public and at least have investors you know let them grow in him have busters make money and then if they want to sell structural shifts during the dotcom ipo happening at such incredible pace but we we're not getting the number of ipo's new companies coming to market i'll tell you a very disturbing number the wilshire five thousand is essentially the entire us stock market it's a it's a basket of all five thousand stocks ben matter in the united states that have any market cap sites the trade on the major exchanges at right now there's thirty four hundred stocks in the wilshire five thousand a little weird where do you that's holder is because the number of stocks have slowly shrunk over the partly this is mergers and acquisitions largely it's because the stocks that have been merged or gone out of existence haven't been replaced by new companies the ipo market essentially peaked about two thousand and it's been kind of it's gone through periods where it's been awful to slightly up but it's not robust the new head of the sec jay clayton is very alarmed by this and so we need to reduce some regulations we need to make it easier for companies now i agree with that i think that's because if you look at it sort of tarquin issues ico's is could be seen as an alternative they aren't alternative and i think they have tremendous potential but you know we went over this before they have to figure out the right way to to make to make that happen now this also took potential new ways we want people to float companies that are legitimate and have people invest in them and that's what everybody wants i don't care if it's on the new york stock exchange and the nasdaq or it's an ico providing there are there is some control and providing it's secure and providing.

united states jay clayton ico sec new york
"jay clayton" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:40 min | 2 years ago

"jay clayton" Discussed on Bloomberg Radio New York

"You my money in exchange for some bundle of rights and that bundle of rights depends on your efforts and i'm expecting a return from your efforts we probably have a security because i'm handing over my money to you in exchange for something i'm getting getting in the future that depends on your efforts that's the very definition of a project funded by capital and are securities laws were designed to protect people who turn over their money for somebody else to use it to build a project in exchange for a return this a superb definition according to add to that do you think that we're going to see more cases brought in this area over the course of the next year i doubt is there a division of the commission which is the enforcement division geared toward cryptocurrency the enforcement division with help from out i wanna i want to congratulate all divisions of the commission on a response to a phenomenon that has grown quite quickly which is digital assets and whether or not there securities they have coordinated and our enforcement division is looking at these and of course you prioritize and they're looking at the most egregious instances of securities law violations continue this conversation with securities and exchange commission chairman jay clayton in just a moment this is a closer look with arthur levitt strobe minutes past the hour.

jay clayton chairman arthur levitt
"jay clayton" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:42 min | 2 years ago

"jay clayton" Discussed on Bloomberg Radio New York

"This is a closer look at wall street's top regulator jay clayton the chairman of the securities and exchange commission j in may new rules will require brokerage firms to start disclosing some of the fees they charge individuals to buy and sell state and local government bonds what's the problem that this rule we have better markets when investors understand what they're paying you get better competition better products can we get transparency in our debt markets again you raise a good point we have a level of transparency at our equity markets that is truly astonishing when viewed in terms of history we go back thirty years you know there was a great deal of pasadena and a great deal of toll taking our debt markets are not where are equity markets are but that's not just because we haven't focused on the markets they are different so to bring transparency you have to recognize the differences but we are focusing on this and the new disclosure requirements the markup rules is there now are good step in that direction where would you like to see us a year from now in terms of our debt markets what specific drivers are retiring about.

jay clayton chairman pasadena thirty years
"jay clayton" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:11 min | 2 years ago

"jay clayton" Discussed on Bloomberg Radio New York

"Suggested an ico amnesty plan a regulatory do over for the first wave of is e o's regulate them now without grow awarding past bad behaviour what do you think of that idea you my money in exchange for some bundle of rights and that bundle of rights depends on your efforts and i'm expecting a return from your efforts we'd probably have a security because i'm handing over my money to you in exchange for something i'm getting getting in the future that depends on your efforts that's the very definition of a project funded by capital and are securities laws were designed to protect people who turn over their money for somebody else to use it to build a project it exchange for return that's a superb definition i couldn't add to that we're going to see more cases brought in this area over the course of the next year undoubtedly is there a division of the commission which is the enforcement division geared toward cryptocurrency the enforcement division with help from i wanna i wanna congratulate all divisions of the commission on a response to a phenomenon that has grown quite quickly which is digital assets and whether or not there securities they've coordinated and our enforcement division is looking at these and of course you prioritize and they're looking at the most egregious instances of securities law violations we'll continue this conversation with securities and exchange commission chairman jay clayton in just a moment this is a closer look with arthur levitt stroud minutes past the hour some people it's a great time of year to be outdoors fishing and a local stream splashing through a creek we all assume these waters are safe and clean but for most streams no one knows for sure that's.

jay clayton ico chairman arthur levitt
"jay clayton" Discussed on WAFS Biz 1190

WAFS Biz 1190

03:42 min | 2 years ago

"jay clayton" Discussed on WAFS Biz 1190

"What makes you think that hasn't happened it's happened to me i say to them that i've taken myself out of the area of investment advice for many years but i wouldn't tell you not to and they've gone ahead and they had bought bitcoin well if i told my children not to they'd be sure to do it daniel alter a former general counsel for new york state's department of financial services has suggested an is ceo amnesty plan a regulatory do over for the first wave of icao's regulate the now without grew awarding past bad behaviour what do you think of that idea you my money in exchange for some bundle of rights and that bundle of rights depends on your efforts and i'm expecting a return from your efforts we probably have a security because i'm handing over my money to you in exchange for something i'm getting getting in the future that depends on your efforts that's the very definition of a project funded by capital and are securities laws were designed to protect people who turn over their money for somebody else to use it to build a project in exchange for a return this is superb definition i couldn't do that we're going to see more cases brought in this area over the course of the next year undoubtedly is there a division of the commission which is the enforcement division geared toward cryptocurrency the enforcement division with help from out i want wanna i want to congratulate all divisions of the commission on a response to a phenomenon that has grown quite quickly which is digital assets and whether or not there securities they have coordinated and our enforcement division is looking at these and of course you prioritize and they're looking at the most egregious instances of securities law violations we'll continue this conversation was curious and exchange commission chairman jay clayton in just a moment this is a closer look with eleven minutes past the hour.

general counsel jay clayton new york ceo chairman eleven minutes
"jay clayton" Discussed on Unchained

Unchained

02:17 min | 2 years ago

"jay clayton" Discussed on Unchained

"Another issue i wanted to bring up is utility tokens i think for a while there was a question of whether or not that was actually going to be thing i think we got similar occasion that actually that probably would be finally chairman jay clayton of did make some comments that indicated he did think that there might be some thing where you could issue at us key hertie in that later in its life cycle it may not be security marco do you want to give me a high five or okay i don't think that's what i think that makes sense personnel interesting well but i thought that was my interpretation of yourself white paper it's a common misconception and i was delighted and simultaneously horrified to hear the chairman make that comment but it was it was obviously in off hand like remark at in a public setting it wasn't the official position of the no the no that's not really aren't there's there's no real precedent of any asset out there transforming from a non security from a security into a non security really there's nothing really in history as someone who by by by no means is done exhaustive research on this issue but man a lot of it there's a lot of history there no if people use the saft framework than what they did was actually something that abundant precedence for in history sell saft which is a security piece of paper and that thing is a security file your form d you comply with the rules of five or six year five of six e whatever it might be in for a private placement and that thing is always and forever from beginning to end security and the issue is take that money they use the money to build this thing this this good this this thing that has use in commerce that's token and they give the token in exchange the token never was a security and no point in its lifetime would be security there's no transformation in fact a lot of history for this but you don't need to read the books you know it intuitively if bob has a whole bunch of expertise in tools and.

jay clayton chairman bob official six year
"jay clayton" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:13 min | 2 years ago

"jay clayton" Discussed on Bloomberg Radio New York

"June yes this here's an exchange commission unveiling some changes restrictions on wall street conflicts that's where the changes come in and they're set to be softer than those imposed under the obama administration what you need to know that's bringing around ben bain financial regulations reporter at bloomberg news joining us on the phone from washington dc now the sec supposed to unveil them today did i miss it ben has it happened no actually in just a little bit about an hour and a half or so the commission's gonna get a vote on this proposal you didn't miss it don't worry yeah we we should you should get a better sense you know we're kind of keeping in mind the proposal don't usually get brought before the commission unless they're gonna they're gonna get votes fiveperson commission and the chairman controls the agenda so if meeting happens you know we're probably going to get it proposal here take a step back what's this all about standards and they've basically said yes he is the place where this rule needs to happen so this is jay clayton the chairman of the sec trump appointees kind of step into the fray gear and you know one hand raised the standards for for brokers and their conflicts of interest restrictions but at the same time deal with some of those industry concerns then do do you have any idea the direction they're leaning do you have any what what they're going to do yeah so i mean i reporting indicates.

obama administration reporter sec chairman jay clayton ben bain bloomberg washington one hand
"jay clayton" Discussed on Unchained

Unchained

01:43 min | 2 years ago

"jay clayton" Discussed on Unchained

"Gonna go to the grey areas and i largely think the sec is going to do the same i think bill also looked to you know how much money was raised where were the victims were money lost so are there victims these are important questions interesting okay so maybe a lot of the commentary on twitter really is fudd because it's very sobering to hear your perspective we're not sobering but just it is a contrast well i wanted oh i'm sorry i was just gonna say recently her jay clayton speak and he pointed out that the four thousand people now that might sound like a lot but it's actually that's not a ton of personnel if you think about doj there are hundred ten thousand personnel there and with the permanent homeland security two hundred forty thousand so if you think about the size the massive size of some of these agencies sec four thousand people it's actually not a ton and keep in mind they're not only around to enforce the crypto currencies face or the i see oh projects right they've a lot of other priorities that they're supposed to be focused on and so if you think of that they really need to come up with some of the worst of the worst like there are lots of pure fraud in the space in terms of some of the ico projects we've seen like think of the ryan gosling reasons episode and others like that where people really lost a lot of money and there were a lot of us victims and this really was a security and there's really no question about it not these grey areas i could be wrong of course maybe the sec will surprise us and come out in the graders but i don't think so because ultimately the person on the other end or the entity on the other end could put them to the challenge and take them to court and fight it and then.

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"jay clayton" Discussed on WCPT 820

WCPT 820

01:54 min | 3 years ago

"jay clayton" Discussed on WCPT 820

"Have to put things out to public comment um once you do that and this is a very important part of this you know the big law firms that represents the wall street firms they come in and they file voluminous comment letters objecting to any pro investor um suggestion and it's sort of slows a whole process town so there are a lot of things at work in causing something like the doddfrank laundry lists and not all happen quickly yes just be you know more explicit some people were saying let's just do you know make one clean swipe curbed commercial banks and investors and investing begs they cannot comingled and therefore you don't have to worry about a whole host of regulations subsidiary regulations that doddfrank theoretically was attempting to impose like you you can't do a trading with your with your clients money you're a year you know eccentric cetera at its wouldn't be an issue if there was a vat that firewall in some instances in some instances there the doddfrank attempts to tackle more narrow issues but let's take a break we have now set up and discussed what the sec dodds it's obviously incredibly crucial in terms of protecting people who invest protecting them both on a sort of a micro level with the advice of their ginning but also protecting them by making sure that the stock market is had some measure and then the financial industry has some measure of integrity and there's reason to be concerned based upon who you call the man from sullivan and cromwell we'll take a break it when we come back we will talk about that man jay clayton the.

sec sullivan cromwell jay clayton
"jay clayton" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:42 min | 3 years ago

"jay clayton" Discussed on Bloomberg Radio New York

"The last page to figure out how how much the fine the firm is paying and so forth and and there's been a number of these cases in its it was pretty interesting to us yeah very interesting and you'd makes you wonder what the motivation might be for not wanting to publicise these once highprofile cases i mean is it just to take the spotlight off of enforcement actions that happened during the obama era or or is is there something of trying to keep the heat off wall street to some extent yeah i mean what's really what will be really fascinating any and the point that you're getting it they're about whether these are just burying cases tied of the obama administration is we haven't really seen what jay clayton is going to do in terms of sanctioning wall street these are old cases so are their new cases that they're working on or they opening new investigations into wall street firms and sense it will there be a sort of pounding their chest in announcing these cases because they see them as their own or will there not be any cases are we are we done our redone sanctioning for walls wall street for sort of the small stuff it what's interesting is that the the previous sec chair had this attitude about wall street she called it her broken windows principle this was this was mary jo white no case was too small to go after with wall street because the philosophy was that if you fix the broken windows like giuliani did in new york city 1990s then know the whole building doesn't become a dump and she got a lot of criticism of that people on wall street sort of put their hands up and said come on yes we we might have violated the the law here but it was an accident and the amount you're finding us as petty you know the.

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"jay clayton" Discussed on KYW Newsradio 1060

KYW Newsradio 1060

01:32 min | 3 years ago

"jay clayton" Discussed on KYW Newsradio 1060

"To place orders online the head of the securities and exchange commission will be on a hot seat before congress today jay clayton will be grilled about the recently disclosed hack attack on sec systems it may have given the hackers information used to make illegal stock trades the big question is when did the commission learn about the security breach which occurred last year but was only disclosed this month jim chenevey cbs news i'm john valeria when locally at the cbs broadcast center in spring garden we have cloudy skies going to sixty eight overnight there's been a guilty plea in the case of the man who sucker punch demand with cerebral palsy outside a westchester convenience store in may kyw news molly daily reports every baker entered a guilty plea monday the simple assault in flight from apprehension in the attack on michael ryan that was caught on a security camera outside the seven eleven on high street last wednesday baker disputed the fact that the case saying he'd have words with ryan hours before the attack at barnavi's we're ryan tens bar that prosecutors prove baker had never been there ryan's father patrick owns the bar it was really unbelievable the he beast of stupid the thing to somebody's going to buy that story when there's acts and video that proves otherwise baker who faces two to four years in this case also has a probation violation so we could be cooling his heels and lock up for some time you'll be sentenced later this fall not only daily kyw news radio and now the eyewitness weather five day forecast clear and.

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