US official believes regulation could destroy cryptocurrencies

The former US official believes that the government should first study new technologies, try to use them, and only then introduce restrictions.

Jay Clayton, the former chairman of the US Securities and Exchange Commission (SEC), admitted that a single format for the regulation of cryptocurrencies in the United States seems unattainable for the parties involved. However, he urged the government to take the first step towards it:

«To move forward, the U.S. needs to first capitalize on the efficiencies that tokenization of services such as payments and digital asset storage provides. A presidential task force led by Treasury officials should move forward on regulations for stablecoins, defining the characteristics that make stablecoins a means of payment (similar to a money order) rather than a security or commodity.»

In addition, Clayton believes that the disagreement over the regulation of assets such as bitcoin (BTC) is related to the global growth of interest in cryptocurrencies. The US does not have publicly available licensing requirements, mandatory disclosure, and market-wide secondary trading rules, the former government official said.

As a reminder, today it became known that a new law is being considered that could significantly complicate the operation of cryptocurrency exchanges in the United States, which will certainly affect other local markets.