Saturday, July 20, 2019

SEC Chairman Believes Cryptocurrencies Should Fit Into Our Rules, Not Change Them

The Chairman of the Stock Exchange Commission has expressed his opinion on blockchain technology and Cryptocurrency, stating categorically that the technology should find a way to fit into the rules and regulation of the SEC and that the commission will not bend its rule just because the industry is still new in the marketplace.

A Personal Opinion

The Chairman of the SEC, Jay Clayton at the inaugural TimesTalks event organized by the New York Times last week stated that his position on Blockchain technology and Cryptocurrency were entirely personal opinion and not the official stance of the regulatory agency.

To give some perspective on how far cryptocurrencies and blockchain technology have come regarding the impact on today’s narrative about the future of finance, the SEC boss noted that in March 2017, during his confirmation hearing, the new technology was completely overlooked.

“If you search the hearing transcript and all of the questions, you won’t find blockchain, distributed ledger technology, Bitcoin, Ethereum, not a single question in March 2017.”

Clayton further maintained that the SEC has sound rules that have stood the test of water and they should not be changed to adapt to technology, just because it’s new in the marketplace

“Technology ought to be able to fit into our rules. And I think this technology has incredible promise for adding efficiency to our marketplace, but I’m not going to change the investor-protection aspects of those offering rules or those trading rules just because there’s a new technology.”

On the question of whether Bitcoin is a security or not, Clayton said:

“It’s widely distributed. It was not controlled by a single entity or other people. It’s used as a medium of exchange. You are not looking to the efforts of others to increase your return. So it looks much more like a currency than a security.”

The Currency for the Future

Also at the event was the North American managing director at Accenture Wynn Davies, who is of the opinion that cryptocurrencies will be the future currency and should not be ignored. He further praised the blockchain technology as one of the most innovative and success driven technologies ever made to aid in the process of conducting business transactions.

Related Article:  U.S. Law Enforcement Raids Tech Hub's Office for Illegally Trading Cryptocurrencies

Regulation is one of the basic challenges facing the blockchain and cryptocurrency industry; the topic is still one of the fiercely debated topics in the crypto-space and one that is not likely to go away at least in the meantime.

More Articles

Tron Burns 4.9 Billion ERC20 Tokens As It Completes...

The Tron foundation burnt almost 5 billion ERC-20 tokens on September 13th as it completes the transition to its MainNet. This will be the...

Huobi Users in America Can Now Purchase Crypto with...

The US arm of Singaporean digital assets exchange, Huobi, has announced that the US dollar can now be used to buy cryptocurrencies on its...

SEC Not Yet Convinced As They Reject More ETF...

Bitcoin ETF proposal suffers another rejection, as the United States Securities and Exchange Commission rejects the proposal of three cryptocurrency exchanges. The rejection gives...

Analysts Believe Bitcoin ETF Won’t Impact The Market

“Bitcoin ETF approval is still a long time from now, and it will have no big impact on the market,” this opinion on the...

Origin Protocol To Launch Decentralized Messaging App Of Ethereum...

The details of the messaging app were revealed by Micah Alcorn, an Engineer at Origin Protocol in a press release on medium. The Origin Protocol...

Coinbase To Add Up New Crypto Assets On Its...

Yeah, you may have heard this times and over, but if the announcement from Coinbase is true, the exchange will be stocking up a...

Bank Of America Patents Private Key Storage Device

Bank Of America patents private key storage device that lets cryptocurrency enthusiasts and high volume traders keep their private keys at sight. The device...

Will Ripple (XRP) Fall within SEC’s Classification of Securities?

Though there is no express declaration that cryptocurrencies are security by the SEC, there is a heated debate as to whether Ripple (XRP), which...

Crypto Mining Equipment Sold ‘By Kilo’ In China

'How many kilos of crypto mining equipment are for you, Sir?' This is the new transaction process happening in China as crypto value started its...

Bitcoin (BTC) Outperforms Visa and PayPal in 2018 Despite...

Bitcoin and the general cryptomarket had a bearish season to forget in 2018, but according to recent reports from DataLight, the major...

Paypal Executive Talks Bitcoin As Future Of E-Payment

Paypal chair, John Rainey, spoke about the benefits of the technology of blockchain and bitcoin as a payment method in the future, in an interview published...

OneGram – a Gold backed currency with revolutionary ideas

We have seen hundreds of cryptocurrencies launch in the previous few months. Most of these remained obscured and quietly went away. Some of them...

Latest Articles

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...

No-fee Mobile Trading App Quantfury Increases Crypto Support with...

The no-fees mobile trading app Quantfury has been expanding its crypto services lately, most notably with the addition of the DASH cryptocurrency. The coin...