{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Jay Clayton on Public vs. Private Markets and Rethinking the Rules","description":"Imagine navigating the deterioration of the mortgage market in 2007 and facilitating the most high-profile transactions of the financial crisis. Then, imagine that it\u2019s March 2020, and you\u2019re leading the SEC as the COVID-19 pandemic upends the global economy.  This week\u2019s guest has chartered these choppy waters and emerged aiming the lessons of the past at our regulatory future. Jay Clayton served as the 32nd Chairman of the U.S. Securities and Exchange Commission and boasts a decades-long career at Sullivan & Cromwell, where he currently is a Senior Policy Advisor and Of Counsel.  Jay\u2019s career in law stemmed from an interest in business, a route that gave him access to major business decision-making moments. Despite his unexpectedly lengthy tenure at S&C, Jay\u2014whose lineage is dotted with government officials\u2014found himself appointed to lead the SEC by President Trump in 2017.  In this episode, Jay and Eric dive into the architecture of public and private capital markets and the challenging environment for retail investors. Jay speaks on the principles at the core of the Securities and Exchange Commission, particularly the importance of leveling the information playing field and rethinking the definition of an accredited investor. He reflects on the 2017 ICO craze and the precarious economic situation of the pandemic\u2019s early days. Jay shares insights into how to approach emerging financial products from a regulatory standpoint and the crucial question: Bitcoin\u2026commodity or security?  (1:43) \u2013 Who is Jay Clayton? (2:29) \u2013 The early years (5:09) \u2013 Sullivan & Cromwell  (6:35) \u2013 Reflections on the financial crisis (9:28) \u2013 Arriving in Washington (13:41) \u2013 COVID-19\u2019s interruption (15:02) \u2013 Rethinking the rules (16:33) \u2013 Challenges for public companies (19:41) \u2013 The retail investor is missing out (22:45) \u2013 How can one qualify as an accredited investor? (24:10) \u2013 The architecture of the public markets (26:22) \u2013 New requirements (39:11) \u2013 What qualifies as a security? (31:57) \u2013 Bitcoin = commodity (33:52) \u2013 Predicting the crypto regulatory environment Eric Satz\u2014entrepreneur, serial investor, lover of hot peppers\u2014 is the founder and CEO of Alto. The idea behind Alto was born out of a problem. Eric found a clear need to give people more control over their investments (and investment opportunities) in a simple, streamlined way and created Alto to make these opportunities available to all investors, not just the ultra-wealthy or institutional investors.  If you'd like to receive new episodes as they're published, please subscribe to The Altogether Show with Eric Satz in Apple Podcasts, Google Podcasts, Spotify, or wherever you get your podcasts. If you enjoyed this episode, please consider leaving a review in Apple Podcasts or Spotify. It helps others find the show. Podcast episode production by Dante32. ","author_name":"The Altogether Show with Eric Satz","author_url":"https:\/\/altogether.show\/","html":"