Former SEC Chairman Calls on Government to Accept Crypto

The former president of the American Securities and Exchange Commission (SEC), Jay Clayton, recently made an appeal to the US government. According to him, it is important that they recognize that the crypto industry can provide important benefits to the financial system.

Regulation in the United States

Ex-chairman Clayton poses during an iinterview with the Wall Street Journal that it will be extremely difficult to get a consensus within the US government on the crypto industry. Nevertheless, he believes the government should take the first step to take the bull by the horns. First of all, it must be accepted that the crypto industry offers certain advantages.

He mentioned benefits such as the ability to make fast payments and the digital safekeeping of assets. He also called on the SEC to issue guidance on the safekeeping of ‘tokenized assets’.

“To move forward, the US must first embrace the efficiencies offered by tokenization of well-understood services such as payments and safekeeping of assets in digital form. The Presidential Working Group, led by the Treasury Department, should work on stablecoin rules and establish the characteristics that stablecoins into a means of payment (similar to money transfer) and not into a security or commodity.”

The SEC’s Current Policy

Current SEC chairman Gary Gensler seems to be taking a firm stance on the… crypto industry as long as possible. This has caused a lot of criticism of the SEC chairman from the crypto community. In this way, he is accused, among other things, of destroying innovation in the country.

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One particular criticism towards the SEC concerns the “prosecuting crypto companies without clear regulations to follow. According to Clayton, once the regulator reveals guidelines for tokenized assets, the government should “go after those who defy its laws.” At the moment, however, in many cases these laws are not yet in place.

“If we start there, we’ll know more soon. The enemy camps will have little to challenge, and the next step will be easier.”

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