The former head of the Securities and Exchange Commission (Crypto Insiders) said tougher bitcoin legislation is likely to come out soon.
Jay Clayton, former SEC chairman, reiterates that Bitcoin (BTC) is not Safety, Or influence, under United States law.
The financial regulator had decided so before Clayton joined the SEC. However, that doesn’t mean Bitcoin will not be regulated, Clayton says in an interview with CNBC:
“As digital assets fall at the end of the day – it will be partly driven by domestic and international regulation, and I expect regulation in this area to come directly and indirectly,” says former SEC Chair Jay Clayton. # Bitcoin. pic.twitter.com/voWcgCFqOH
Squawk Fund (SquawkCNBC) April 1, 2021
“Where digital assets actually end up to some extent through regulation, both nationally and internationally, and I expect, speaking as a citizen now, that this regulation will come in this area, directly and indirectly. We will see this regulatory environment evolve.”
Clayton confirms that he does not speak as an official. He says these regulations may be rolled out soon.
Clayton’s comments came in response to the lawsuit between the SEC and Ripple. The day before Clayton left the SEC, the regulator filed a lawsuit against Ripple. Ripple is accused of illegally selling $ 1.3 billion of securities with XRP.
Ripple denies that XRP is a security and describes the charge as “an attack on the cryptocurrency world”, but then criticizes Bitcoin and Ethereum and does not understand why XRP is excluded. The company and CEO Brad Garlinghouse have described BTC and ETH as “contaminated” and “in the hands of the Chinese” and are asking the SEC to consider this crypto as well.
Recently, Tyler Winklevoss said he believes it is very unlikely that Bitcoin will be banned by the US government, after Ray Dalio correctly said he thinks it is “very likely.”
Jay Clayton joined One River Asset Management last week, which made “one of the largest cryptocurrency investments ever” early this year.
Former Securities and Exchange Commission Chairman Jay Clayton advises One River Asset Management, a $ 2.5 billion company whose cryptocurrency funds are backed by giant hedge fund Alan Howard https://t.co/l2F8lMj75R
– Bloomberg Crypto (@crypto) March 29, 2021
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