Block Chain

Ex-SEC Chair Jay Clayton Says He’s a “Huge Believer” in Crypto

Former Chairman of the United States Securities and Exchange Commission (SEC) Jay Clayton expressed his belief in the nascent digital forex world saying he’s a “huge believer” in the expertise underpinning the trade.

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“I am a huge believer in this technology,” says Jay Clayton on crypto. “The efficiency benefits in the financial system and otherwise from tokenization are immense.”

This remark was made whereas talking in an interview with CNBC’s Squawk Box and it got here as a shock to many seeing how Clayton handled the digital forex ecosystem beneath his tenure. The SEC, on the very tail finish of his tenure as SEC Chairman final December, filed a damning $1.3 billion lawsuit in opposition to Ripple for promoting XRP coins as securities. The case remains to be ongoing.

When requested about his tackle the matter, Clayton refused to remark, saying the details are earlier than regulation enforcement. 

Clayton was appointed by former US President Donald Trump in 2017 and he served till 2020, a time in which the SEC rejected many functions for a Bitcoin or crypto-focused Exchange Traded Fund (ETF) product. Clayton’s successor, Gary Gensler has lastly accepted a Bitcoin Futures linked ETF, additional highlighting the doubtless bias Clayton has in opposition to such merchandise.

However, Clayton’s perspective in the direction of crypto appears to have broadened since becoming a member of One River Digital Asset Management as an Advisor earlier this yr. On the Squawk Box present, Clayton shared his ideas on how crypto must be regulated.

“Crypto is a wide variety of products, with a wide variety of functions, and the rules of our financial system are clear and long-standing. If you are raising capital for a project, you have to register your capital raising with SEC. If you are trading securities it has to be on a registered venue, but there are many crypto sectors like stablecoins that are not securities and outside of SEC purview.”

In all, Clayton believes digital currencies must be applied however in a systematic strategy.

Image supply: Shutterstock

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