Former SEC chair strongly believes in the crypto underlying technology

Jay Clayton shared his stance on the crypto and blockchain industry. He appreciated the technology on which crypto is lying. 

At present adoption of the crypto and blockchain industry is at a tremendous level. On one side unemployment pushes people toward crypto trading, then at another other financial service want to sustain their future in the environment of increasing competition in financial services. And also regulators and officials in the government agencies not lagging to appreciate this technology. 

Recently Jay Clayton, former United States Securities and Exchange Commission (SEC) Chairman, appeared in an interview with the CNBC Squawk Box on Wednesday. 

Jay Clayton supported Bitcoin throughout the interview and described Bitcoin as the best option for a store of values. 

Former SEC chair said that he is a full believer in crypto and blockchain technology and the feature of blockchain technology in tokenization and financial sectors is appreciable. 

When Jay was questioned about the strict regulatory action by the current SEC chairman, then Jay said that there are numbers of use cases of crypto and SEC agency will restrict the particular things like securities-based crypto assets, however, Stabelcoins are out of the purview of the SEC agency.

“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 stablecoins that are not securities and outside of SEC purview.”

Current SEC chairman on crypto 

Gary Gensler is present SEC chairman and this year he passed many negative comments on the crypto industry. 

A few months back, Gary said that the SEC agency has no intention to ban cryptocurrencies but Congress may. And further asserted that the crypto industry is in a wild state under no regulation. 

The statment of Gary was a full hint that the SEC Agency will bring strict rules and regulations to retard the growth of the crypto industry against the unfair use cases. 

Read also: crypto regulation in the US will boost crypto adoption, says Coinbase president