SEC will regulate BTC market in some time, says Jay Clayton

Former SEC chairman Jay Clayton warns that US authorities will regulate the cryptocurrency market sooner or later. He spoke on [...] https://www.pinterest.com/pin/1085437947660215829/

Former SEC chairman Jay Clayton warns that US authorities will regulate the cryptocurrency market sooner or later. He spoke on this topic in the Squawk Box program on CNBC. Former head of SEC: BTC is difficult to regulate It is worth recalling that the SEC has not yet taken a clear position on the regulation of Bitcoin. Clayton said during the interview that this was because BTC has not been recognized as a security. - It was decided that Bitcoin would not be a security before I joined the SEC. Therefore, the SEC's jurisdiction over Bitcoin was rather indirect," he said. Clayton remained in the cryptocurrency industry after leaving the SEC, which happened in December 2020. He currently advises One River Asset Management on digital currencies. Regulation will have a big impact on the BTC market   - Where digital assets land at the end of the day [...] will be driven in part by regulation - both domestic and international - and I expect, and I'm saying this now as a citizen, that regulation will come into this area both directly and indirectly, whether it's through how they [cryptocurrencies] are held in banks, in margin accounts, through taxes and the like. We'll see how that regulatory environment evolves," he said. Clayton's comments came after billionaire hedge fund manager Ray Dalio warned that the U.S. could ban Bitcoin altogether, as it did with gold in the 1930s when the precious metal was seized from the nation's citizenry. (...) policymakers who are short of money will raise taxes, and [if] they are not satisfied with capital flows from debt assets to other asset holdings (...), they may impose bans on capital flows to other assets (e.g. gold, Bitcoin, etc.) (...) - said Dalio. At the same time, he still believes that cash is "cheap": I think cash is and will remain shoddy (i.e., it gives you returns that are significantly negative relative to inflation), so it pays to a) borrow cash instead of holding it as an asset and b) buy debt-free investment assets with higher returns. Tags bitcoin law regulation SEC US