Regulation
Former SEC Chairman Jay Clayton Says Cryptocurrency Success Is Driving Radical Shift in Regulatory Policies
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 with CNBC television, Clayton supports that regulators need to 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 out of institutional markets, where most of the financial product development happens. Most of the financial product development in the world happens in the United States, in our institutional markets. Cryptocurrencies, digital assets, have really arrived at the global scale and at the retail level. So their development has been something very new to, I would say, regulators around the world in the way that it’s unfolded. And a lot of old lessons have been relearned and new lessons have been learned.
One of the lessons learned the hard way is that raising money from the general public in the United States is an extremely tightly regulated transaction. We protect the public from securities offerings in an extremely rigorous manner…
On the other hand, I think regulators have had to learn that this technology could be and has become, in many ways, a step change for existing processes and some new processes, including what I would call the rise of the stablecoin, which is one of the most remarkable developments in finance in the last decade.”
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