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Bitcoin Rising Due To The Inefficiency Of Existing Payment Mechanisms, Suggests SEC Chair

As several dived into the crypto-verse after realizing the capabilities of Bitcoin, regulators began paying heed to the industry. New regulations were put in place while the existing ones were tightened. Suddenly, crypto-platforms had to seek permission from the government to roll out new crypto products. One such example is the application to launch a Bitcoin ETF, however, this never saw the light of the day, thanks to SEC Chairman Jay Clayton. But, Clayton seems to have taken a different road while he gears up to bid adieu to his role.

Clayton’s Closing Thoughts On Bitcoin

Over the past year, Jay Clayton, Chairman of the US Securities and Exchange Commission, has turned down over nine Bitcoin ETFs by either delaying them or pointing out their incompetence. While the crypto community was disheartened by the constant rejection of the Bitcoin ETFs, they were happy to see that Clayton has stepped down from his position as chairman of the SEC. As Clayton is preparing to hand over his office this December, he appeared in an interview with CNBC’s Squawk Box.

 

In the interview, Chairman Clayton addressed the regulations surrounding Bitcoin. He pointed out that the SEC had regulated Bitcoin by categorizing it as a payment mechanism and a store of value as opposed to security. Bitcoin was born out of the 2008 financial crisis that left the average Joe in shackles. Elaborating on the same, Clayton suggested that the incapabilities that the existing payments devices entail could possibly act as a catalyst for Bitcoin.

He added,

“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 other digital assets. We’re gonna see more of that. We’re gonna see this mature and we’re gonna see more regulation around the digital payment space.”

Additionally, the Chairman also spoke about the ICOs and the ICO craze that struck the crypto-verse a few years ago.  He revealed that people steered away from the protocol of registering crypto assets with the SEC as securities to raise capital for a venture.

Back in 2017, Clayton was nominated by the Chairman of the SEC by President Trump. Three years and rejection of nine Bitcoin ETFs later, Jay Clayton would leave his position in December. This transpired as positive news to the crypto-verse as dainty hope was restored with regard to the fate of Bitcoin ETFs.

 

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