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SEC Chair Not Sold On Cryptocurrency yet
Summary: It appears the SEC Chairman Jay Clayton is not sold on cryptocurrency just yet. In his interview with CNBC's Steve Liesman on the Squawk Box Clayton discussed the SEC's current standing on cryptocurrencies and what problems the SEC has with them. Clayton was fairly vague in his description of where the SEC actually stands on ...
It appears the SEC Chairman Jay Clayton is not sold on cryptocurrency just yet. In his interview with CNBC's Steve Liesman on the Squawk Box Clayton discussed the SEC's current standing on cryptocurrencies and what problems the SEC has with them.
Clayton was fairly vague in his description of where the SEC actually stands on cryptocurrency and what they're going to do about it. Clayton stated that the SEC is engaged in talks about it but had two major problems with the cryptocurrency industry. Clayton stated he doesn't feel comfortable with custody in the cryptocurrency markets, "If you say you have something, you really have it," said Clayton. Clayton's next problem with the market was over the rules and regulations of the cryptocurrency market.
“We have sophisticated rules and surveillance to ensure that people are not manipulating the stock market. Those cryptocurrency markets by and large do not have that,” said Clayton.
The problem with the SEC's frustration with the lack of rules and regulations is that the SEC has to provide a legal framework that will allow the market to have the rules and surveillance that they need. Clayton did state however that the SEC is working hard to see if they can get there.
Author: Ramsey Baker
