While speaking during a recent interview with CNBC’S Squawk Box, Securities and Exchange Commission (SEC) Chairman, Jay Clayton, asserted his opinions on the matter of centralization of cryptocurrencies. According to Clayton;
“We have sophisticated rules and surveillance to ensure that people are not manipulating the stock market. Those cryptocurrency markets by and large do not have that.”
The SEC boss further stated that the SEC regulated traditional fiat market has procedures of preventing manipulation and malpractice while the cryptocurrency market don’t and can be subject to manipulation.
Therefore, the idea of applying the same rules – and trust – to crypto as to markets such as stocks, was unappealing to him. He also stated on the network’s segment that “…Our retail investors look at [cryptocurrency trading] and say, ‘that looks like a stock or a bond; it trades,’” and debated that the US regulatory treatment of Bitcoin $7915.88 +0.01%, which operates as a patchwork, with investors encountering different perspectives depending on state and structure.
Max Keiser’s Opinions on Clayton’s Interview
The host of the Keiser Report and former Wall Street Trader, Max Keiser, has opposing views to that of the SEC Chairman’s as he was similarly dismissive of the banking sector. With the lack of specific examples, he points to the matter of indifference among cryptocurrency users as authorities within and outside the U.S try, and in their view often fail to, counter properly to the phenomenon. These approaches tend to lack difference, with lawmakers hiding the fact that Bitcoin at its core has no central authority.
This was the topic of a recent significant debate in an interview with one of the biggest active Bitcoin bulls and ‘The Bitcoin Standard’ author, Saifedean Ammous, stating that “It’s ‘not certain’ that Bitcoin is Government-proof.” He, Ammous, further warns the mainstream media that Bitcoin is not free from the threat of government interference despite being technically unstoppable. Going against veteran gold bug, Peter Schiff, who still believes that Bitcoin could never become a ‘better’ gold than gold itself, Ammous said that while it was impossible to say with certainty that government ploys would not increase the centralization of Bitcoin, it would still remain independent fundamentally.
Although different centralized altcoins have been appearing in recent times with the ultimate goal of refocusing consumer attention away from decentralized competitors, Max Keiser noted that:
“Banksters know now they can’t stop (Bitcoin). What they’ll try is a bear hug. They’ll try to crowd BTC out of the market by flooding the globe with their centralized crypto.” adding that “The idea is to try and marginalize BTC. Fortunately, their own corruption will kill them.”