Wednesday, 08 July 2020

SEC Chairman Clayton blasts bitcoin as critics assail regulatory stance

Cryptocurrency backers are hoping the Securities and Exchange Commission Opens a New Window. will soon permit retail investors to trade bitcoin Opens a New Window. on the public markets Opens a New Window. , but the agency’s chief has a list of requirements that must be met before that happens.

In an exclusive interview with FOX Business, Chairman Jay Clayton defended his stance on the digital currency, arguing he is not against the asset but rather has concerns over the potential for manipulation and wants to ensure investors are protected.

Still, Clayton’s ongoing apprehensions cast doubt over the possibility that the SEC will approve the first bitcoin exchange-traded fund in the coming months and provides fresh fodder to critics who have assailed his approach to regulating the digital currency.

“Just because you label it a coin instead of a security doesn’t mean you get to ignore the rules,” he said. “What I’m concerned about at the moment is if it can be reasonably demonstrated that the underlying trading is generally not manipulated, it’s happening on reliable venues with good rules and that custody is something we can feel comfortable about.”
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