The Former US SEC chairman, Jay Clayton recently said that he is a huge believer in crypto technology. He added that crypto is linked to a lot of sectors and the SEC should focus on regulating these sectors. And it’s not that Clayton didn’t do anything for crypto back when he was in charge. Jay has often defended Bitcoin as a store of value asset. And now he is giving his opinion on how the SEC should go about regulating cryptocurrencies.
Former US SEC chairman on crypto regulation
In an interview with CNBC’s Squawk Box show, Jay Clayton shared what he thinks it to be the right direction to regulate crypto. He says that regulation will be very important because crypto is comparable to the wild west without so. In fact, he was asked if he thinks that there are just too many regulations and restrictions in the sector. To that, he said that the SEC is responsible for monitoring and regulating any sector that comes under or is linked to the crypto space.
As of now, there are a lot of things in the crypto industry that still does come under the SEC or is properly regulated. One of those things is stable coins and then there is the security vs coin debate that has been the reason for the XRP lawsuit. A proper regulatory system in place will also prevent all the mishaps and illegal activities that happen in the industry. At the same time, it will also help in bringing proper tax systems in place and make sure it is nearly impossible to evade them.
Bitcoin ETFs are something that even Jay Clayton didn’t approve of even after being a believer. In fact, recently Grayscale has written a letter to the SEC claiming that there is no reason to approve a future ETF but not a SPOT one. So, that is another thing we must keep an eye on as to what will happen when the space gets more regulated.
What are your thoughts as the Former US SEC chairman gives his views on crypto regulation? And do you think that we will soon see an ETF being approved because of the same? Let us know in the comments below. I personally think they won’t ban crypto. If you found our content informative, do like and share it with your friends.