• Former SEC Chair Jay Clayton believes cryptocurrency is here to stay

  • During an appearance on “Squawk Box” on September 23, former SEC Chairman Jay Clayton made an optimistic prediction about the cryptocurrency industry’s future:

    This technology, in my opinion, is here to stay.

    Clayton, as Wall Street’s top cop, drew fire for failing to approve a Bitcoin-based exchange-traded fund and filing a lawsuit against distributed ledger company Ripple.

    Clayton now sits on the advisory boards of cryptocurrency fund One River Digital and digital asset custody provider Fireblock, despite being chastised for his hostility toward the industry during his tenure.

    He is also a non-executive chairman of asset management firm Apollo Global Management.

    Adding to existing rules

    Clayton weighed in on Coinbase’s recent squabble with the dreaded Securities and Exchange Commission.

    He referred to his recent op-ed in The Wall Street Journal, in which he argued for the establishment of a regulatory framework based on existing market protection rules.

    According to the renowned attorney in his interview, it is critical to determine what incumbent analogies certain cryptocurrencies or crypto-based products have:

    When does it start to resemble a money market mutual fund?

    According to ULTCOIN365, Coinbase abruptly canceled the launch of its Lend product after revealing that it had received a lawsuit threat from the SEC.

    The top American exchange is now beefing up its legal and compliance teams.

    Ripple, which quickly allied with Coinbase, is still fighting the SEC, with its team recently indicating that a settlement is not on the table.

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