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Many Crypto Projects Are Not Under SEC Supervision, The Former Chairman Of SEC Says
Summary: During an interview with CNBC's Squawk Box, Jay Clayton, former chairman of the US Securities and Exchange Commission (SEC), said that he is a faithful believer in crypto technology, and the efficiency advantages of crypto in the financial system and tokenization are huge. When asked whether Gary Gensler, the current SEC chairman has set too many ...
During an interview with CNBC's Squawk Box, Jay Clayton, former chairman of the US Securities and Exchange Commission (SEC), said that he is a faithful believer in crypto technology, and the efficiency advantages of crypto in the financial system and tokenization are huge.
When asked whether Gary Gensler, the current SEC chairman has set too many restrictions on the crypto industry, Jay said that cryptocurrencies have multiple uses and are associated with various industries. The SEC should only be responsible for regulating the industries related to it.
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. If you are raising capital for a project, you have to register your capital raising with SEC. If you are trading securities it has to be on a registered venue, But there are many crypto sectors like stablecoins that are not securities and outside of SEC purview."
According to Clayton, the government should respond to violations of the law while actively adopting crypto technology in the financial system.
By Mary Liu
Tags: Crypto,Gary Gensler,Regulation,SEC
Link: Many Crypto Projects Are Not Under SEC Supervision, The Former Chairman Of SEC Says [Copy]
