Bitcoin is not a security, but that does not mean that it will not be regulated, said former chairman of the US Securities and Exchange Commission (SEC) Jay Clayton.
“Where digital assets land at the end of the day—will be driven in part by regulation both domestic and international, and I expect that regulation will come in this area both directly and indirectly,” says Former SEC Chairman Jay Clayton on #bitcoin. pic.twitter.com/voWcgCFqOH
— Squawk Box (@SquawkCNBC) April 1, 2021
Asked by a CNBC host why the SEC had not previously taken a position on digital gold regulation, Clayton said that the cryptocurrency was not recognized as a security.
“The SEC found out that bitcoin is not a security even before I took over as head of the regulator. But this does not mean that the crypto asset should not be regulated in the future, ”the former official said.
Clayton stepped down as chairman of the SEC in December 2020 and is currently advising One River Asset Management on cryptocurrencies.
“I don’t know what laws the SEC is currently adopting, but I believe that the regulatory framework for cryptocurrencies needs to be changed,” Clayton explained.
These statements by Clayton sounded in connection with the fact that Ripple is asking the SEC to reconsider the status of Bitcoin and Ethereum. The company requires the court to order the SEC to share internal documents that state why Bitcoin and Ethereum are not securities.
Ripple and its supporters have repeatedly stated that XRP is not a security, but the SEC says otherwise.
Recall that in December 2020, the commission accused Ripple of selling unregistered securities in the form of tokens worth $ 1.3 billion. Garlinghouse and co-founder of the company Chris Larsen were also defendants.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
