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Former SEC Chairman Jay Clayton says he is a firm believer in cryptotechnology

Former SEC Chairman Jay Clayton says he is a firm believer in cryptotechnology

According to former SEC Chairman Jay Clayton, cryptocurrencies serve multiple functions and are linked to a number of industries, and the SEC should only regulate those industries that are linked to them.

Jay Clayton, former chairman of the Securities and Exchange Commission, or SEC, was appointed to the position by former President Donald Trump in 2017. Clayton frequently supported Bitcoin (BTC) as a store of value throughout his tenure as SEC chairman. Jay discussed Bitcoin and how it should be controlled in the future during an appearance on CNBC's Squawk Box program Wednesday, according to Newsbtc. The former SEC chairman said he “s a great believer in cryptotechnology” and that the benefits of its effectiveness in the financial sector and tokenization are immeasurable. Clayton wrote on Twitter: “I really believe in this technology. The efficiencies of tokenization in the financial system and elsewhere are enormous”. Clayton's comments came after the current head of the SEC, Gary Gensler, recently said that the watchdog has no intention of banning cryptocurrency, but that Congress could. However, Gensler warned that cryptocurrency in its current state is akin to the Wild West without proper regulation. Asked if the current chairman is placing too many restrictions on the crypto industry, Jay said that cryptocurrencies serve a number of purposes and are linked to different industries, and the SEC should only regulate those industries. “Cryptocurrency –is a wide range of products with many different functions, and the rules of our financial system are clear and long known. If you raise capital for any project, you must register your capital raising with the SEC. If you trade in securities, it has to happen on a registered site, but there are many cryptocurrencies, such as Stablecoins, that are not securities and are outside the SEC” jurisdiction.  

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