The regulatory pressure is mounting in the U.S., with more politicians questioning whether the current framework is adequate.
An opinion piece penned for Wall Street Journalby former SEC Chairman, Jay Clayton, and former Undersecretary of the Treasury, Brent McIntosh, have defended the United States’ existing regulatory apparatus regarding crypto and warned that excessive rulemaking could stifle innovation.
The discussions come as cryptocurrencies have been thrown into the regulatory spotlight once again in the wake of two crippling ransomware attacks in the U.S. Over the weekend, two senators deliberated on the prospect of banning cryptocurrencies as a solution to the ransomware attacks.
Clayton served as SEC head from May 2017 until December 2020 and stated that the agency did not take up Bitcoin regulation because the asset was declared not to be a security before he took up his position as its head. Clayton has remained in the industry following his departure from the SEC and currently advises One River Asset Management on