Former Chairman of the SEC, Jay Clayton, has challenged the US government to take the first step to regulate cryptocurrencies in the country, however, at this point, the move seems unlikely for the parties involved.
Clayton said that cryptocurrencies can provide many benefits to the financial system and therefore, the government should embrace them.
He points out that this decision should be taken before any regulations are enacted.
This information was revealed through an opinion article in the Wall Street Journal last Thursday (25).
In the same article, the former SEC chairman cites benefits that the government can enjoy, such as the ability to make quick payments.
“Moving forward, America must first embrace the efficiencies offered by tokenizing services, as well as understand the security of payments and assets in digital form.”
“The Presidential Task Force, led by the Treasury, should move forward with the stablecoin rules, identifying the characteristics that make a stablecoin a means of payment, more like a transfer of money than a security or a commodity,” commented Jay Clayton. .
raises regulatory concerns
The former president says the crypto community is very apprehensive about regulation in the country as they feel it could lead to loss or lost opportunities for investors.
However, the SEC has received a lot of criticism for hindering the growth of the crypto industry.
Although there are no clear regulations for this sector, the main one is related to market suppression.
So, according to Clayton, once the regulator finds guidelines for token goods, the government “should go after those who violate its laws.”
America should take advantage of the growing market
According to the former head of the SEC, the controversy surrounding the regulation of assets such as (BTC) is entirely related to the global development of the crypto market.
Therefore, he noted and emphasized that the US has no requirements for licensing, mandatory disclosures and market-level trading rules.
However, it’s worth remembering that in an earlier interview with the Wall Street Journal, the SEC’s current chairman, Gary Gensler, noted that the body’s laws still apply to new technologies like cryptocurrencies.
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