Regulation
Former SEC Chairman Jay Clayton Says Cryptocurrency Success Is Driving a Sea-Shape Change in Regulatory Policy
Jay Clayton, former chairman of the U.S. Securities and Exchange Commission (SEC), says the successful adoption of cryptocurrencies is forcing regulators to develop policies that support the technology.
In a new interview on CNBC television, Clayton he claims that regulators must accept that digital assets like stablecoins are here to stay because of the great benefits they offer.
“One of the fascinating things about cryptocurrencies is that they didn’t come through the institutional markets, where most of the development of financial products happens. Most of the development of financial products in the world happens in the United States, in our institutional markets. Cryptocurrencies, digital assets, have really come to the global and retail level. So the development has been something very new to, I would say, regulators around the world in the way that it has happened. And there have been a lot of old lessons relearned and new lessons learned.
One of the old lessons that has been relearned and learned the hard way is that when you raise money from the general public in America, it is an incredibly tightly regulated transaction. We protect the public from securities offerings incredibly tightly…
On the other hand, what I think regulators have had to learn is that this technology could be, and in many ways has become, a game-changer for existing processes and for some new processes, including what I would say is the rise of stablecoins, which is one of the most remarkable developments in finance in the last decade.”
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