Cryptocurrency Regulation Should Begin With StableCoin Says Jay Clayton

Former SEC chairman says that crypto regulation should start from stable tokens, well regulation has been one most mentioned word in the cryptocurrency space and it’s has been mentioned it’s positive and negative impact on the ecosystem. Some are in the option that regulation might possibly influence market prices for these digital assets, in an CNBC interview with the former SEC executive which is says that the best place to start this regulation is stable coins.

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In he’s words he says that;

“I think it’s very good that the FSOC [Financial Stability Oversight Council] is getting together. Crypto assets, or digital assets, span the jurisdiction of many groups. What we’re seeing is them getting into the room and saying ‘Where is this in your arena? Where is this in my arena? Where do we need additional guidance or legislation?’ That, I think, is the first step.”

Talking about how these stable assets is going to influence the financial system and how it’s stand as a negative factor to this regards in he’s response to this he says;

“In terms of what I say would be low-hanging fruit, bringing this technology into our traditional financial system, I do think a good first step is regulation around stablecoins. As you’ve pointed out, we’ve had some things labeled stablecoins that are anything but – you might call them unstable coins.

But if you’re going to have a digital asset that is truly pinned to the US dollar, let’s have some regulation around that. It’s very prescriptive as to what is not a security and what is truly stable. I think that’s a good first step.”

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