Former SEC Chairman Jay Clayton said bitcoin was not classified as a security for a long time.
In a speech on CNBC Squawk Boxing on the 31st. In March, however, Clayton warned that his status as a stockbroker still doesn’t protect him from the introduction of new rules, which he said could be coming soon.
The ultimate destination of digital assets will be regulated in part, both domestically and internationally, and I expect regulation to apply in this area, both directly and indirectly, says Jay Clayton, former chairman of the Securities and Exchange Commission, on #bitcoin. pic.twitter.com/voWcgCFqOH
– Squawk Boxing (@SquawkCNBC) 1. April 2021
Moderator Andrew Ross Sorkin noted that the Securities and Exchange Commission, led by Clayton, has not taken a position on the regulation of bitcoin. Clayton countered that this was because the assets had not been classified as a security even before he became head of the regulator.
The decision was made not to protect bitcoin until I got to the SEC. Therefore, the SEC’s jurisdiction over bitcoin was more indirect.
Clayton remained in the industry after leaving the SEC in December 2020 and currently advises One River Asset Management on cryptocurrencies.
Although he says he doesn’t have much visibility into the new laws that have emerged since his tenure as chairman of the Securities and Exchange Commission, he believes the regulations need to be revamped.
While digital assets will eventually be subject to regulation to some degree – both domestically and internationally – I expect, and I say this now as a citizen, that there will be both direct and indirect regulation in this area, whether it be through the way they are stored in banks, in securities accounts, through taxes and so on. We will see how these regulations develop.
Clayton’s comments come a week after billionaire hedge fund manager Ray Dalio warned that the U.S. could ban bitcoin, as it did gold in the 1930s.
His comments about bitcoin’s unsecured status are also interesting in light of the fact that Ripple has requested documents from the SEC to determine exactly how it came to the conclusion that bitcoin and ethereum are not securities.
The company and its supporters have repeatedly claimed that XRP is not a stock, but the SEC believes it is clearly different because of its decentralization. Mark Powers, a former SEC lawyer, told Cointelegraph that the agency is clearly going too far in its case against Ripple and its executives.
is bitcoin safe,new cryptocurrency,bitcoin news today,cryptocurrency prices,Privacy settings,How Search works