Jay Clayton supports Cryptocurrencies

Jay Clayton was hosted on CNBC’s Squawk Box on Wednesday where he spoke highly about cryptocurrencies. The former US SEC Chairman was appointed by former President Donald Trump and approved by the Senate in 2017. During his tenure, he was always positive about cryptocurrency and a defender of Bitcoin as a solid store of value.

During his interview, he went on to speak about cryptocurrencies and stated that the technology behind digital currencies was very exciting. Clayton explained how blockchain and digital assets are extremely efficient and can change the financial industry in positive ways. He believes the current SEC chairman is looking to implement too many rules on the booming industry which will slow down progress.

There are quite a few politicians in the US who do not fully grasp the concept of cryptocurrency and continue to believe it is only used for illegal activities. During the interview, Clayton expressed his disagreement when he said: “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.” Clayton also stated that products like stablecoins are outside the view of the SEC because they do not fluctuate in value. 

Crypto enthusiasts understand that governments want to protect consumers from the growing scams in the industry but also believe that too many regulations are going to slow down the adoption of new technology. If the US puts too many restrictions on digital assets they could find themselves falling behind and losing the opportunity to be the leader in crypto technology. As of right now, the US is leading the world in Bitcoin mining.

Luckily the current SEC chairman has stated that they have no intention of banning cryptocurrencies in a similar way that China did. However, the recent Infrastructure Bill that passed has some definitions for cryptocurrency which could prohibit many in the country from participating in NFTs and decentralized finance.

The best thing for the cryptocurrency industry to do is to prove itself with its technology. More adoption and real-world utility will help political leaders understand what blockchain technology offers and why digital currencies are so important.

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Written by Tudor

Works as a developer and helps keeps the digital cogs turning. Leave them alone, they're busy.

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