The former SEC chairman announces that he is a fixed creditor of Crypto
The former SEC chairman announces that he is a fixed creditor of Crypto
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- In an interview with the Squawk Box Show from CNBC, Jay Clayton explained how crypto should be regulated in the future.
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In his opinion,
- crypto should be implemented, but with the corresponding regulation.
Jay Clayton, the former chairman of the US stock exchange supervisory authority, which was appointed in 2017 by the former US President Donald Trump, has disclosed
In an interview with the Squawk Box Show from CNBC, he explained how crypto should be regulated in the future.
I am a big fan of this technology. The efficiency advantages in the financial system and otherwise through tokenization are immense.
In his opinion, Crypto should be implemented with the corresponding regulation. He further explained that the government should be proactive to ensure that crypto technology is introduced in its entire financial system, but has to react to people who operate outside the legal framework.
recently confirmed the current chairman of the Sec, Gary Gensler that the financial monitor has no intention to submit cryptos to a ban. However, the US Congress could. Gensler also mentioned that the crypto market could be compared to the Wild West, if it is not properly regulated.
crypto, which is connected to a variety of sectors, says Clayton
Clayton was asked whether the comments by the current chairman of the SEC create unfavorable restrictions for the industry. According to him, the crypto sector is associated with a variety of sectors because it has many purposes. For this reason, the SEC may only be responsible for regulating these sectors.
crypto is a large variety of products with a wide variety of functions and the rules of our financial system are clear and for many years. If you procure capital for a project, you must register your capital procurement at the SEC. If you act with securities, this must be done in a registered trading center. However, there are many cryptosectors such as stable coins that are not securities and do not fall within the area of responsibility of the Sec.
It is interesting to determine that Clayton never approved Bitcoin ETF during his tenure despite his weakness for digital assets, but Gensler in 2021. However, the SEC approved Bitcoin ETFs, but rejected spot ETF applications. The agency forced this to a counter reaction when Grayscale sent a letter to SEC secretary Vanessa Countryman, in which it accused the agency, to treat two Bitcoin ETF proposals differently in accordance with the Administrative Protection Act.
There is no basis for the position that the investment in derivatives for an asset is acceptable for investors, but not in the asset itself.
Many traditional financial experts have disclosed their positions on cryptor regulations and their wording. The IMF recently recommended that crypto regulations should be consistent, comprehensive and coordinated.
Read more: crypto regulation must be comprehensive, consistent and coordinated: iWf
Source: Crypto-news-flash.com
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