Former SEC Chairman Jay Clayton announced a new bitcoin regulation. He warns that regulation will come directly or indirectly.
According to Cointelegraph, a cryptocurrency media outlet on the 2nd (local time), former US Securities and Exchange Commission (SEC) chairman Jay Clayton said that Bitcoin has not been classified as’security’ for a long time.
Clayton appeared on CNBC’s Squak Box on March 31, highlighting that Bitcoin’s unsecured status still prevents it from being free from new regulations, warning that new regulations may come sooner or later.
Squakbox moderator Andrew Ross Sorkin pointed out that at Clayton’s tenure, the SEC did not take a stance on bitcoin regulation. Clayton replied that it was because the asset had already been sentenced to not be a security issue before it took over as head of the regulatory body.
“Before I even got to the SEC, it was decided that Bitcoin was not a security matter, so the SEC’s jurisdiction over Bitcoin was rather indirect.”
Clayton remained in the industry after resigning from the position of SEC chairman in December 2020, and is currently advising on cryptocurrency in principal asset management.
Although he said there was no specific insight from his time to the present as to what new laws would come to the SEC, he believed that the current regulatory environment would surely shake.
“I expect that regulations will be promoted domestically, internationally and partially on digital assets in the future,” he said. “As a citizen now, such regulations will be carried out directly or indirectly in banks, security accounts, taxes, etc. “And we will see this kind of regulatory environment evolving.”
On the other hand, Clayton’s remarks came a week after billionaire hedge fund manager Ray Dalio warned that the US could ban Bitcoin altogether like gold in the 1930s.