Jay Clayton the Chairman of SEC has explained about the regulation of US Crypto by calling Bitcoin a Store of Value
The U.S. Securities and exchanges commission chairman Jay Clayton has recently explained more on how the government of the U.S is now regulating cryptocurrency. He has further added the data by calling bitcoin value storage which means nothing that its rise is based on the inefficiencies of the current system of the payment. Want to know more? Well, read the news thoroughly.
The regulation of Bitcoin that is done in the U.S
The chairman of SEC has given an explanation on the process of the U.S government to regular the bitcoin in his recent interview with CNBC Squawk Box this week. He started by giving a response to one of the comments which the JPMorgan CEO Jamie Dimon had made on the regulation of the bitcoin. According to Dimon, he believes not to support bitcoin. He blamed his experience for the same and further added that the government has the authority to regulate whatsoever they want to. If the current bitcoin market capitalization is given which is around $340 billion well, then it will improve and get bigger if it is proper regulation.
In response to the same Clayton described that SEC has managed to understand that bitcoin is not a security but more like a mechanism of the payment and value storage solution. Bitcoin is not regulated as security and during the initial offering of the coins; people used the coins as the public security offerings for which registration with the SEC is not needed. If people used the crypto assets being the securities for raising the capital for the venture then it the regulations that SEC does. Besides, he also added that the government regulates the payments and if the current mechanisms of payment are noted at the international and domestic level, well there are inefficient which things that are driving the bitcoin rise are.
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