Jay Clayton, former chairman of the U.S. Securities and Exchange Commission (SEC), shared his views on crypto regulation, emphasizing the need to recognize cryptocurrency as a technology rather than a product. Speaking at the Council on Foreign Relations, Clayton expressed sympathy for entrepreneurs seeking to raise capital and retail investors wanting to participate in crypto opportunities. He highlighted the importance of making it easier for small and medium-sized companies to raise capital and for investors to engage in these opportunities. Regarding the classification of crypto tokens as securities or commodities, Clayton stated that most decisions are "pretty easy," sparking reactions from industry participants, including Ripple CEO Brad Garlinghouse.
Former SEC Chairman Jay Clayton has shared his perspective on crypto regulation, emphasizing the need to recognize cryptocurrency as a technology rather than a product. Speaking at the Council on Foreign Relations, Clayton expressed sympathy for entrepreneurs and retail investors in the crypto space, advocating for easier capital raising for small and medium-sized companies and increased accessibility for investors. He downplayed the classification issues of crypto tokens as securities or commodities, stating that most decisions in this regard are "pretty easy." The remarks have sparked reactions from industry participants, including Ripple CEO Brad Garlinghouse, who expressed disbelief considering the ongoing legal battle between Ripple and the SEC over the status of XRP.
Reactions from Industry Participants:
Ripple CEO Brad Garlinghouse responded with disbelief to Clayton's assertion that decisions on the classification of crypto tokens are easy. Ripple has been engaged in a legal battle with the SEC regarding the status of XRP.
Clayton's comments highlight the ongoing debate surrounding crypto regulation, with differing perspectives on the classification of tokens and the need for regulatory clarity in the industry. The recognition of cryptocurrency as a technology aligns with a broader discussion on how regulatory frameworks can adapt to the evolving landscape of digital assets.
(Kevin Helms, Bitcoin News, 2023)