Jay Clayton, the chairman of the SEC, which regulates financial markets in the US, spoke about the Bitcoin (BTC) regulations in his television show and made some comments on why the Bitcoin price was rising.
Jay Clayton, chairman of the Securities and Exchange Commission (SEC) in the US, joined the Squawk Box program on CNBC just days after announcing that he would leave office by the end of this year. Clayton, who sits at one of the most important seats in the financial world, announced that more regulation awaits Bitcoin in the future.
Bitcoin price rises due to some “inefficiencies”
Jay Clayton explained that the payment systems used both locally and globally today are insufficient. Clayton did not elaborate on these shortcomings, but emphasized that these systems are inefficient.
Bitcoin emerged as an alternative to such payment systems. SEC Chairman Jay Clayton stated that the recent increase in BTC price is exactly because of this. In his opinion, the reason Bitcoin bulls are getting stronger is that other payment systems are working inefficiently. BTC, positively affected by this, is currently trading at $ 18,100.
More regulation awaits Bitcoin
Jay Clayton said in a statement on the Squawk Box program that Bitcoin is not legally a security. Clayton stated that Bitcoin is more reminiscent of a payment instrument or a store of value than a security. However, it is known that the SEC has not accepted any ETF applications for Bitcoin in the last 3 years.
The SEC Chairman said that the Bitcoin and cryptocurrency market will change over time, and Bitcoin in particular may begin to mature. Clayton added that this maturation will bring with it more regulation, giving the message that the Bitcoin laws in the US will become increasingly tight.