Jay Clayton Calls Bitcoin a Store of Value Beyond Regulatory Reach of SEC
The head of the US Securities and Exchange Commission, Jay Clayton, is giving Bitcoin a final boost as he prepares to leave the agency.
In an exit interview with CNBC’s Squawk Box, the SEC chief confirms that the SEC does not view Bitcoin as a security and says he personally perceives the top cryptocurrency as a store of value option.
“We did not regulate Bitcoin as a security… We determined that Bitcoin was not a security. It was much more a payment mechanism and stored value.”
Clayton adds that the government does regulate payments, suggesting Bitcoin will be regulated as such especially as the king coin attracts more users who are tired of the inefficiencies embedded in traditional payment mechanisms.
“The government does regulate payments. And what we are seeing is that our current payment mechanisms domestically and internationally have inefficiencies. Those inefficiencies are the things that are driving the rise of Bitcoin and these types of digital assets.”
Jay Clayton has served as SEC chief since 2017 and will be stepping down at the end of the year. Under his administration, the SEC has filed 56 crypto-related actions.
Under Clayton’s tenure, the SEC has also continually halted attempts to introduce a Bitcoin ETF.
Clayton is leaving as the crypto-friendly Hester Peirce stays on with the SEC for another term.
"We determined that bitcoin was not a security, it was much more a payment mechanism and stored value," says SEC Chairman Jay Clayton on #btc. "Our current payment mechanisms–have inefficiencies those inefficiencies are the things that are driving the rise of bitcoin." pic.twitter.com/3r1mxzfgpi
— Squawk Box (@SquawkCNBC) November 19, 2020