{"id":5588,"date":"2023-06-12T16:10:36","date_gmt":"2023-06-12T20:10:36","guid":{"rendered":"http:\/\/leadingcryptonews.com\/former-sec-chairman-jay-clayton-advocates-for-nuanced-approach-in-dealing-with-enforcement-actions-on-crypto\/"},"modified":"2023-06-12T16:10:36","modified_gmt":"2023-06-12T20:10:36","slug":"former-sec-chairman-jay-clayton-advocates-for-nuanced-approach-in-dealing-with-enforcement-actions-on-crypto","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/former-sec-chairman-jay-clayton-advocates-for-nuanced-approach-in-dealing-with-enforcement-actions-on-crypto\/","title":{"rendered":"Former SEC Chairman Jay Clayton Advocates for Nuanced Approach in Dealing with Enforcement Actions on Crypto"},"content":{"rendered":"


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The United States Securities and Exchange Commission (SEC) former chair Jay Clayton has spoken out about crypto regulation. He commented on the agency\u2019s recent wave of enforcement actions targeting cryptocurrency exchanges. In his statement, Clayton clarified that crypto and blockchain were just technologies, meaning using them in different aspects of the financial system should be \u201cnon-controversial.\u201d<\/p>\n

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Former #SEC Chairman Jay Clayton on Enforcement Actions: #Crypto Should Be Treated With \u2018Nuance\u2019<\/p>\n

Furthermore, Clayton clarified that crypto and #blockchain were just technologies and that using them in different aspects of the financial system should be \u201cnon-controversial.\u201d pic.twitter.com\/CLurKCfeuT<\/p>\n

\u2014 Tayor Capital (@Tayorcapital) June 12, 2023<\/p>\n<\/blockquote>\n

Former SEC Chairman Jay Clayton\u2019s Stance on Crypto<\/h2>\n

The statement comes after recent moves by the SEC to file illegal brokerage charges against Binance and Coinbase. Notably, these are two of the largest cryptocurrency businesses in the world. In the lawsuit, the regulator claimed that they permitted U.S. consumers to purchase unregistered securities.<\/p>\n

Although he backed the SEC and the current statute definitions, Clayton said he had alternative suggestions. The comment came during a joint Bloomberg panel with Dan Morehead, founder and managing partner of Pantera Capital.<\/p>\n

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Excited to be speaking at #BloombergInvest alongside former SEC Chair Jay Clayton, discussing crypto regulation, banking, and the broader market landscape.<\/p>\n

Tune in here at 2:25pm EDT: https:\/\/t.co\/1DyZGEAW7c pic.twitter.com\/VrFVn9Ci56<\/p>\n

\u2014 Dan Morehead (@dan_pantera) June 8, 2023<\/p>\n<\/blockquote>\n

In addition, Clayton made it clear that cryptocurrencies, blockchains are just technologies. In his opinion, incorporating them into other parts of the financial system should be \u201cnon-controversial.\u201d<\/p>\n

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The former head of the Securities and Exchange Commission, Jay Clayton, said that cryptocurrencies and blockchain technology are just tools and that it is okay to use them in the financial system.<\/p>\n

\u2014 Bob Is Here To Explain (@ExplainThisBob) June 12, 2023<\/p>\n<\/blockquote>\n

Recognizing Legitimate Uses Amidst Regulatory Challenges<\/h2>\n

The ex-SEC Chairman Jay Clayton responded to a question about whether he agreed with current SEC Chairman Gary Gensler\u2019s actions. In his answer, he noted that during his tenure, he was regarded as a crypto hawk and that they successfully curtailed the ICO craze. He also expressed his belief that the ongoing discussions about the subject lack the necessary nuance.<\/p>\n

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🔥🤩🚨Former #SEC Chairman Jay Clayton on Enforcement Actions: Crypto Should Be Treated With \u2018Nuance\u2019https:\/\/t.co\/Vl2bW2FnBh#web3 #mimexmime #crypto #blockchains #TOGRP7 #web3News #bitcoins #BreakingNews #web3news #web3community pic.twitter.com\/AttRADYeQL<\/p>\n

\u2014 Web3 GrandPappa (@Web3Grandpappa) June 12, 2023<\/p>\n<\/blockquote>\n

As chairperson of the SEC from 2017 until 2020, after being chosen by Trump, Clayton had to cope with the disruptive nature of cryptocurrency. Nevertheless, he thinks crypto and blockchain technology has legitimate uses, unlike current SEC chairman Gary Gensler, who has questioned the utility of crypto.<\/p>\n

Tokenization and Stablecoins: Former SEC Chairman Clayton Highlights Benefits<\/h2>\n

Tokenization is one such application; it entails creating a digital token that represents an underlying asset in a blockchain in order to facilitate easier administration. According to Citi, the tokenization market for assets and securities would be worth $4 billion to $5 billion by 2030. Tokenizing securities, Clayton said, will make the process \u201cmore efficient than what we\u2019re doing today.\u201d<\/p>\n

In addition, Clayton explained the practical application of stablecoins, which are digital currencies pegged to a stable value, such as the U.S. dollar. As he put it:<\/p>\n

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I am remarkably impressed by the functionality of true stable stablecoins\u2026 it is a remarkable technology at the retail level to be able to transfer dollars around the world.<\/p>\n<\/blockquote>\n

In addition, Clayton argued that the United States ought to investigate stablecoins because they would make it easier to implement KYC and AML requirements.<\/p>\n

\u00a0Read More:<\/h3>\n
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