The former American official believes that the government first needs to study new technologies, use them, and only then introduce restrictions.
Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton acknowledged that unanimity on the regulation of cryptocurrencies in the United States seems out of reach for the parties involved. But he urged the government to take the first step towards:
“To move forward, the US needs to first leverage the efficiencies provided by the tokenization of well-known services such as payments and digital asset custody. The presidential task force, led by Treasury officials, should move forward on the rules for stablecoins, identifying the characteristics that make stablecoins a means of payment (akin to money order) rather than a security or commodity.”
According to Clayton, crypto market participants fear that regulation is likely to result in losses for investors or missed opportunities. As soon as the regulator promulgates the rules for tokenized assets, the government should prosecute those who violate the laws, so for now, in the absence of clear regulation, the crypto industry can feel freer.
In addition, Clayton said, disagreements over the regulation of assets such as bitcoin (BTC) are associated with the global growth of cryptocurrencies. In the US, there are no publicly available requirements for licensing, mandatory disclosure and market-wide secondary trading rules, the former civil servant concluded.
Earlier, crypto enthusiast Mark Cuban criticized the SEC for the lack of clear provisions to regulate the industry over the past many years.
Source: Bits
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