Former US SEC Chairman Jay Clayton said in a recent interview with CNBC that he is a big believer in crypto.
Jay was Chairman of the SEC during Donald Trump’s term when he was appointed by the former president and accepted by the federal senate in 2017.
Former SEC Chairman, Jay Clayton is a strong believer in cryptocurrency technology.
During his tenure in 2020, Jay always defended Bitcoin (BTC) as a store of value.
In an interview with CNBC’s Squawk Box this Wednesday the former Chairman said that he is a strong believer in cryptocurrency technology and highlighted the role of tokenization in the process of transforming and improving the financial system.
“I am a huge believer in this technology, The efficiency benefits in the financial system and otherwise from tokenization are immense.”
"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." pic.twitter.com/WZqKE5cePN
— Squawk Box (@SquawkCNBC) December 15, 2021
Jay Clayton was questioned that the current chairman of the SEC (Gary Gensler) is creating too many rules for the crypto sector. Jay replied that cryptocurrencies have many functions and are linked to many sectors, and SEC should be responsible for regulating only those sectors that relate to SEC.
“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 stable coins that are not securities and outside of SEC purview.”
Jay is of the view that crypto adoption should be encouraged.
“Our Government should be reactive to people who are violating our clear laws but proactive in encouraging the adoption of this technology throughout our financial system.
What is noteworthy is the fact that Jay did not allow the approval of a Bitcoin ETF during his term, which happened now in 2021, during Gary Gensler’s tenure.
The current SEC chairman Gary Gensler recently confirmed that the SEC has no intentions to ban crypto as China did, but he also shared his views that crypto without regulation is like Wild West, At The Moment Public Is Not As Protected As It Should Be.