SEC Chairman: Bitcoin Will Be Subject To ‘More Regulation' As It Matures Into A Payment System

Jay Clayton also said Bitcoin is more of a store of value and not a security.

SEC Chairman Jay Clayton reiterated in his recent interview with CNBC that Bitcoin is not a security. However, more regulation could still be on the way from other government agencies, he added.

According to him, the leading digital asset resembles a store of value and a payment method. And it has been the “inefficiencies” in the traditional payment mechanisms that are boosting Bitcoin's growth.

But if BTC becomes famous as a payment method, it can be subject to more regulation. Clayton told CNBC,

“I think we will see this maturation, and I think there will be more regulation in the payments (for bitcoin) area.”

“This is why Bitcoin should be neither a currency nor a payment network. The principles of humility & harmony dictate that we should allow technology partners to provide for payments & defer to governments on currency matters. BTC is a purely engineered Store of Value,” commented the CEO of MicroStrategy, Michael Saylor, who has emerged as a leading vocal Bitcoin proponent ever since his company replaced cash with BTC as a reserve asset.

Clayton will be stepping down from his position as the SEC Chairman by the end of this year, and the crypto community is excited, expecting the Bitcoin ETF to get the approval finally.

According to analyst Mati Greenspan, Clayton has been “single-handedly” responsible for holding back the progress of a Bitcoin ETF, and “him leaving is really good for Bitcoin & crypto.”

In his interview with CNBC on Thursday, Clayton further elaborated on why the SEC isn’t regulating Bitcoins currently.

“We do not regulate Bitcoin as a security. When people use crypto assets as securities to raise capital for a venture, the SEC regulates that.

And what was happening in the ICO craze was people were using ICOs and essentially making public offerings of securities without registering them with the SEC.”

Very clearly, Clayton has said that the SEC determined “Bitcoin was not a security” but “much more a payment mechanism and store of value,” adding “the government does regulate payments.”

Clayton has been in conversation with Squawk Box host Andrew Ross Sorkin who recently hosted Jamie Dimon, the CEO of JPMorgan, who still has no love lost for Bitcoin.

Dimon said Bitcoin is “not (his) cup of tea,” and if it continues to get bigger and bigger, it will be “regulated.” “My experience with the government is they can regulate whatever they want whenever they feel like it,” coped Dimon.

This may sound like Ray Dalio, who is also concerned about the government outlawing it. Still, the founder of the world’s largest hedge fund Bridgewater Associates recently came out and said that he might be missing something about Bitcoin and “would love to be corrected.”

Bitcoin (BTC) Live Price

1 BTC/USD =16,899.7471 change ~ -12.02

Coin Market Cap

313.57 Billion

24 Hour Volume

56.34 Billion

24 Hour Change

-12.02

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,273FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today