Former SEC Chairman Claims Bitcoin Will Face New Laws - Kakiforex | Forex markets for the smart money. Former SEC Chairman Claims Bitcoin Will Face New Laws Former SEC Chairman Claims Bitcoin Will Face New Laws

April 2, 2021

Former SEC Chairman Claims Bitcoin Will Face New Laws

 Conscious or not, it has long been apparently the issue of Bitcoin not being classified as a contagious security in the crypto community.


In the latest revelation via CNBC's Squawk Box on March 31, former U.S. Securities and Exchange Commission (SEC) chairman Jay Clayton said the cryptocurrency's status as a non-security has yet to protect it from new rules. which is expected to happen soon.


But, why new now?


Clayton explained the assets had been declared non -securities before he assumed the position of SEC chairman. Therefore, the SEC's attention to Bitcoin is considered indirect.



For the record, Clayton stepped down from the chairmanship in December 2020 following the transition of the administration of former US president Donald Trump to the current ruler, Joe Biden. For now, Clayton holds a position as a cryptocurrency advisor at One River Asset Management.


He further clarified: "I speak as part of society, the law will arrive in this sector either directly or indirectly, whether through how these rules are managed in banks, securities accounts, taxation and the like."


Clayton’s allegations come a week after the fund’s hedge manager Ray Dalio warned that the U.S. would likely restrict Bitcoin ownership similar to what happened to gold in the 1930s.


His comments also caught the attention of the crypto community as Ripple appealed to the SEC for documents to determine the extent to which Bitcoin and Ethereum are not securities.


For the record, the firm and its supporters insisted XRPs were not securities but the SEC denied the allegations because the cryptocurrency was becoming more centralized.