The outgoing SEC Chairman Jay Clayton, who oversaw the rejection of nine Bitcoin ETFs during his tenure, has told CNBC that “inefficiencies” in the current payments systems are continuing to drive the popularity of Bitcoin.
Appearing on CNBC’s Squawk Box yesterday Clayton, who is due to step down by the end of the year, confirmed his agency’s general assessment that Bitcoin was not a security but a payment mechanism and store of value.
“We determined that bitcoin was not a security, it was much more a payment mechanism and stored value,” says SEC Chairman Jay Clayton on #btc. “Our current payment mechanisms–have inefficiencies those inefficiencies are the things that are driving the rise of bitcoin.” pic.twitter.com/3r1mxzfgpi
— Squawk Box (@SquawkCNBC) November 19, 2020
The chairman has been widely criticized by the Bitcoin community for keeping a tight rein on Bitcoin and cryptocurrency. However, during his years as SEC chair, Clayton was never a staunch opponent of Bitcoin in