Andrew Ross Sorkin, a New York Times columnist has a sit down with U.S. Securities and Exchange Commission Chairman Jay Clayton and talks about cryptocurrency and the growing market impact of blockchain.
During the interview, SEC Chairman Jay Clayton quickly states that the cryptocurrency market hasn’t got the same kind of safeguards as traditional markets do.
'We tried to get the word out that although the trading looks like the trading you would see on Nasdaq or on the New York Stock Exchange, these markets do not have the same kinds of safeguards for you', he said.
During the interview Clayton implies that the idea of investing in cryptocurrency could be bad by its nature and goes on to say that the ideology of blockchain as a system with no third party to control it, is at odds with existing regulation rules.
'If the cryptocurrency community really wants to expand the cryptocurrency adoption all around the world, it will have to deal with regulators demands.' he said.
CNBC Cryptotrader host Ran NeuNer pointed out that the SEC believes that their laws are sound and shouldn’t change for a new technology.
This is a great interview with Jay Clayton. It gives great insight into how the SEC think and how they see Crypto. He says amongst other things that the SEC laws are sound and shouldn’t change for a new technology.— Ran NeuNer (@cryptomanran) December 1, 2018
Fast forward to 11:00 to the interviewhttps://t.co/rziPxQoHfP
Not everybody agrees with the SEC's perspectives.
Clayton and SEC: The bitcoin markets are manipulated, let us manipulate the bitcoin markets and then we'll approve the ETF.— noryn syra ⚡️ (@norynsyra) December 1, 2018
SEC = Mafia Gangsters
The conversation between Andrew Sorkin and Jay Clayton is about an hour long. You probably might want to fast forward to 11:30 minutes in order to skip all the introductions.