Former SEC chairman Jay Clayton has called on the government to develop regulatory rules that will allow cryptocurrencies to develop but prevent them from being used for illegal purposes.
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interview on CNBC’s Squawk Box, former SEC chairman Jay Clayton said he believes in the power of digital assets. According to him, they can bring some benefit to the entire financial system, and he also sees great potential in the tokenization of real assets.
Clayton is known as a supporter of Bitcoin. Even while serving as chairman of the SEC, he said that bitcoin has elements of a payment mechanism and a store of value.
Clayton touched on the topic of cryptoasset regulation. The cryptocurrency sector is linked to many other industries, so the SEC should only be responsible for regulating them, Clayton said. He urged the government to take the initiative to ensure the introduction of cryptocurrencies into the country’s financial system, but at the same time it is necessary to quickly respond to cybercriminals who illegally use crypto assets.
“Cryptocurrencies are a wide range of products with different functions, and the rules of our financial system have already been tested by time. If you raise capital for a project, you must register with the SEC. If you are trading securities, they must also be registered. But there are many sectors of the cryptocurrency industry, including stablecoins, which are not related to securities and are outside the purview of the SEC, ”said Clayton.
The current chairman of the SEC, Gary Gensler, recently stated that cryptocurrencies are often used for fraudulent activities, especially in the DeFi sector, and Bitcoin is hampering the US banking system in its fight against money laundering. It is worth noting that it was under Gensler that investors gained access to an exchange-traded fund (ETF) for bitcoin futures, presented by ProShares in October. Later, Valkyrie also launched an ETF on bitcoin futures.
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