“I Believe Strongly In Crypto And Technology,” Says Former SEC Chair Jay Clayton

According to Jay Clayton, former SEC chairman, cryptocurrencies perform a variety of roles. Cryptos are linked to a number of sectors, and the SEC should only oversee those industries that are related to them.

Ex-President Donald Trump named Jay Clayton, the former chairman of the Securities and Exchange Commission, to the position in 2017.

Throughout his tenure as SEC chairman, Clayton was a vocal supporter of Bitcoin (BTC) as a store of value. During his interview on CNBC’s Squawk Box on Wednesday, Jay discussed bitcoin and how it should be regulated in the future.

According to the former SEC chair, he is a “strong believer in crypto technology”. The benefits of its efficiency in the financial industry and tokenization are enormous, He further added.

Clayton Believes In Crypto Tech

Clayton’s remarks come after the current SEC chairman, Gary Gensler, claimed recently that the watchdog has no plans to prohibit Bitcoin, but that Congress may do so. However, Gensler warned that bitcoin in its current shape is equivalent to the wild west in terms of regulation.

When asked if the current chairwoman is placing too many restrictions on the cryptocurrency business, Jay said that cryptocurrencies serve a variety of functions and are tied to a variety of industries. The SEC should only oversee those industries, he further added.

“Crypto is a vast range of products with a wide range of functions, and our financial system’s laws are clear and long-standing.”

“You must file your capital raising with the SEC if you are raising funds for a project. If you are trading securities, you must do it on a registered platform. However, there are numerous crypto sectors, such as stablecoins, that are not securities and hence fall outside of the SEC’s purview.”

Cryptocurrencies, according to Clayton, should be permitted, but only under strict control. According to him, the government should be “reactive to persons who violate our well-defined regulations. But proactive in pushing the use of this technology throughout our financial system.”

Crypto supporters are very happy with the supporting statement of Clayton and reacted on Twitter.

A user wrote “The SEC are there to protect the American investor. Jay Clayton and William (Bill) Hinman both benefited from giving Bitcoin and ethereum clarity.”

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