February 27, 2024

Jay Clayton: “SEC takes a balanced proactive approach to regulating cryptocurrencies”

SEC Chairman says Commission has taken a 'measured but proactive approach' to regulationcryptocurrencies, which helps both retail and institutional investors.

Chairman of the Securities and Exchange CommissionUS (SEC) Jay Clayton briefed lawmakers on the regulator's official policy. In testimony before the U.S. Senate Banking Committee, Clayton highlighted the potential of blockchain to help market participants build wealth.

“As I said earlier, I believe thatdistributed ledger technology can help capital formation by providing promising investment opportunities for both institutional and retail investors. In general, I believe that we have taken a balanced but proactive regulatory approach that promotes innovation and capital formation while protecting our investors and markets. ”

Despite Clayton's stated position, the SEChas repeatedly been criticized by the community for its actions towards cryptocurrency companies. For example, in June, the SEC suspected Kik, which held an ICO in 2017, of violating securities laws. In September, it became known that the Kik messenger could be closed due to pressure from the SEC.

Crowdfund Insider interviewedClayton after his speech before the US Senate Banking Committee, in which he noted that the situation with legal actions against cryptocurrency companies will remain difficult. Speaking about cryptocurrencies, in particular the planned Libra cryptocurrency, he added: “It already exists, we can’t just ignore it.”

Recall that last week US regulators called for increased oversight of crypto assets and stablecoins.