U.S. President-elect Donald Trump has announced the nomination of former U.S. Securities and Exchange Commission (SEC) Chair Jay Clayton to serve as U.S. Attorney for the Southern District of New York. Trump shared the news Thursday via his social media platform, Truth Social. He wrote:
I am pleased to announce that Jay Clayton, of New York, the chairman of the U.S. Securities and Exchange Commission during my first term, where he did an incredible job, is hereby nominated to be the U.S. Attorney for the Southern District of New York.
“Jay is a highly respected business leader, counsel, and public servant. Jay received engineering and law degrees from the University of Pennsylvania, and an economics degree from the University of Cambridge. Before chairing the SEC, Jay was a partner at Sullivan & Cromwell, and served on the management committee. He is currently a senior policy advisor to Sullivan & Cromwell, a board member of several public and private companies, and an adjunct professor at the Wharton Business School, and the Carey Law School at the University of Pennsylvania,” Trump added.
Damian Williams is the current U.S. Attorney for the Southern District of New York. He was appointed by President Joe Biden.
Clayton led the SEC from May 2017 to December 2020, overseeing over 2,800 enforcement actions that resulted in more than $15 billion in financial remedies, including $3.5 billion returned to investors. He was succeeded by Gary Gensler, whose leadership has faced substantial criticism for what many describe as a regulation-by-enforcement strategy toward the cryptocurrency sector.
Praising Clayton’s qualifications, Trump stated:
Jay is going to be a strong fighter for the truth as we, Make America Great Again.
During his tenure, Clayton prioritized providing clear regulatory guidance in emerging markets like cryptocurrency. His term ended amid the SEC’s lawsuit against Ripple Labs over XRP, a case that remains unresolved as the SEC continues its appeal process. Since leaving the agency, Clayton has maintained his focus on balanced regulatory policies.