Former SEC chair says Cryptocurrencies Will Change Global Financial System

Jay Clayton shared his stance on this growing crypto and blockchain industry and claimed that the industry will change the global financial system. 

Bitcoin crossed its 13th birthday but still, people are considering that Bitcoin is in the initial phase of evolution and also it will take a very long time for Bitcoin to get success. But besides the journey of Bitcoin, many cryptocurrencies are entering and going but no one can prove themself as the best Blockchain network in terms of the payment system, it is because the majority of them are trying to become an alternative to Bitcoin.

Jay Clayton is former US securities and exchange commission (SEC) and in Q1 2021 he joined Apollo Global Management. So right now he is working as a Digital assets-based firm executive. 

Recently, Jay appeared in an interview with a crypto news website Blockworks. In the interview, Jay shared his point of view on this growing industry of cryptocurrencies. 

Jay said that he sees every token in this crypto industry as a Digital asset whether it is just a token, unique cryptocurrency or securities, or even stablecoin, all are part of the financial global ecosystem. 

“I see digital assets, whether (they are) in the form of a tokenized traditional security, a stablecoin or a new type of asset, being part of our global infrastructure,”

Further, Jay pointed out that it is hard to understand which one will bring a big change or new era for this global ecosystem.  But if we try to categorize the assets then we will find two important things. Further the continues: 

“First is efficiency gains that are available in the existing infrastructure and the second is the opportunity that efficiency brings to reach additional markets and create new ones”

Jay also noted that crypto-assets play a big role in this global financial ecosystem to facilitate cross border payments. 

“The ability to eliminate the frictions that exist in the current global banking system, particularly in emerging markets — as has been demonstrated by the volume of 24/7 global trading in bitcoin — is going to be hard to resist”

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