• Home News SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of Value

SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of Value

Posted 26 Nov-2020 12:28 PM by lily | 1545

SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of Value

The chairman of the U.S. Securities and Exchange Commission ( SEC ) has explained how the U.S. government is regulating cryptocurrency. He calls bitcoin a store of value, noting that its rise is driven by the inefficiencies of the current payment system.

How Bitcoin Is Regulated in the US

SEC Chairman Jay Clayton explained how the U.S. government is regulating bitcoin during an interview with CNBC Squawk Box on Thursday.

He began by responding to a comment made by JPMorgan CEO Jamie Dimon regarding bitcoin regulation. Dimon said that he was not a supporter of bitcoin because in his experience, the government œcan regulate whatever they want when they feel like it. Given the current bitcoin market capitalization of about $340 billion, Dimon asserted that œIf it gets bigger and bigger and bigger, it will be regulated.

Clayton described that at the SEC:

We determined that bitcoin was not a security, it was much more a payment mechanism and store of value. œWe did not regulate bitcoin as a security, the SEC chairman affirmed. He added that during the initial coin offering (ICO) craze, œpeople were using ICOs and essentially making public offerings of securities without registering them with the SEC, reiterating that œWhen people use crypto assets as securities to raise capital for a venture, the SEC regulates that.

Regarding bitcoin as a payment mechanism, the chairman emphasized:

The government does regulate payments and what we are seeing is that our current payment mechanisms, domestically and internationally, have inefficiencies, those inefficiencies are the things that are driving the rise of bitcoin.

œWe are going to see more of that ¦ we are going to see this mature and we are going to see more regulation around the payment space, the SEC chairman noted

Clayton confirmed on Nov. 16 his plans to conclude his tenure at the end of the year after serving for more than three and a half years at the SEC. œChairman Clayton was sworn in on May 4, 2017, and will leave the SEC as one of its longest-serving chairs, the SEC wrote.

Tags:

U.S. Securities and Exchange Commission ( SEC ) , bitcoin regulation, rise of bitcoin, bitcoin not a security, Bitcoin regulation, bitcoin regulation us, Crypto regulation, crypto regulation usa, Cryptocurrency regulation, SEC, sec chairman jay clayton Affordable Press Release Services, Cheap Press Release Distribution Site, Free Press Release Network, Free Press Release Service, Free Press Release Distribution Website

Company Information

Company Name Contact Person Contact Number Email Id Website Address
Securities and Exchange Commission

Other Crypto news Related Press Release News

CRYPTO GRANNY PREDICTS 2020 BOOM IN CRYPTOCURRENCIES & ALTCOINS Free

[Australia] Cryptocurrency & Blockchain YouTube influencer popularly known as “Crypto Granny” within the community...Read More


Cryptowisser has announced new Comparision Tool. Free

crypto service comparison site, Cryptowisser has now released its revolutionary Comparision tool which helps you compare cryptocurrency exchanges...Read More


Limited Edition Watch Launch - Free the Money, Free the World by Franck Muller and Bitcoin Free

Bitcoin.com Announces Partnership With Luxury Watchmaker Franck MullerBitcoin, announced the launch of a new Franck Muller luxury watch called “Free...Read More


Asset Manager Vaneck Launches physically-backed Bitcoin Exchange-Traded Note Free

On November 25, the asset manager Vaneck announced the launch of an exchange-traded product (ETP) called the “Vaneck Vector Bitcoin ETN.” The exch...Read More


SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of Value Free

SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of ValueThe chairman of the U.S. Securities and Exchange Commission ( SE...Read More