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Rules Cannot be Changed to Accomodate New Technology Says SEC Chairman Jay Clayton

December 03, 2018 12:19
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Jay Clayton
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News portal The New York Times, kicked off its event, TimesTalksDealBook with a panel discussing blockchain and cryptocurrencies. The panel had host Andrew Ross Sorkin and guest Jay Clayton, Chairman of the US Securities and Exchange Commission (SEC).

The presenter Wynn Davies, who is the North America managing director at Accenture, stated that cryptocurrencies are the future and cannot be ignored and stated that blockchain is one of the most important innovations in the business, reported news portal The Daily Hodl..

Clayton who has been very vocal about cryptocurrencies and Initial Coin Offerings (ICO) put forward his views. However, before saying anything he stated, that his opinions are his own and not necessarily the views of the SEC. Clayton stated that when he was confirmed last March, the technology was largely ignored. He said, “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 of 2017.”

He added that the SEC has very sound rules that have stood the test of time and should not be changed just because there is a new technology on the scene. He said, “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.”

Reiterating his previous position on bitcoin not being a security, he 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’re not looking to the efforts of others to increase your return. So it looks much more like a currency than a security.”

Recently when he was asked about Exchange Traded Funds (ETF) he had not said a word on either approving them or rejecting them, leaving room for all kinds of speculation.

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