Jay Clayton, a former president of the U.S. Securities and Exchange Commission, or SEC, has been appointed by former President Donald Trump to serve in 2017.

During his time as president of the SEC, Clayton often represented Bitcoin (BTC) as a store of value. Last Wednesday, in an interview on CNBC’s Squawk Box show, Jay shared his thoughts on cryptocurrency and how it should be regulated in the future.

The former SEC president said he “believes strongly in crypto technology” and has great advantages in the efficiency and tokenization of the financial system.

Clayton’s remarks come after current SEC President Gary Gensler recently confirmed that the watchdog has no plans to ban crypto, but the U.S. Congress may. But Gensler warned that crypto in its current form can be compared to the unregulated western.

Related: SEC chief doubles, tells crypto companies ‘come talk to us’

Asked if the current president has imposed too many restrictions on the crypto industry, Jay said crypto currency has many purposes and is linked to a variety of industries, and the SEC should be the owner. ‘responsibility for regulating the related industry only.

“Crypto is a very versatile product with a variety of functions, and the rules of our financial system are clear and consistent. If you are investing for a project, you must register with the SEC. your growth.If you sell securities, you must be in a registered position, but there are many crypto industries such as stablecoins that are unsecured and outside the SEC’s scope.
Related: SEC president wants strong crypto -regulatory regime for the United States

According to Clayton, cryptocurrencies should be enforced but with appropriate rules. He said the government “should take responsibility for people who break well-defined laws, but be proactive in promoting the use of this technology in our financial system.”

Clayton did not allow Bitcoin ETF approval during his tenure with Gary Gensler in 2021. The agency has been the target of violence for refusing to apply for spot ETFs and approving Bitcoin futures ETFs. Grayscale sent a letter to SEC Secretary Vanessa Countryman stating that “Investments in derivatives for assets are acceptable to investors, but there is no basis for their position not to invest in of property. ” The SEC has been accused of bringing in two Bitcoin ETF proposals that differ from the securities law, or APA.

Source: CoinTelegraph