Gensler’s SEC Predecessor Backs Stablecoins Amid Crypto Crackdown

Gensler’s SEC Predecessor Backs Stablecoins Amid Crypto Crackdown

Time Stamp: June 9, 2023 11:26 PM
Source Node: 2712511
  1. Jay Clayton expressed support for SEC amid an increasing crackdown against crypto exchanges.
  2. He also backed fiat-backed stablecoins instead of the USD-based CBDC.
  3. Dan Morehead predicts SEC lawsuit against Binance and Coinbase will provide an impetus for clear crypto rules.

Jay Clayton, the SEC Chairman before Gary Gensler, appeared at a Bloomberg event with Pantera Capital’s CEO Dan Morehead. Clayton gave “blunt” statements on stage regarding crypto, which shows his temperament toward the industry amid increasing crackdown in the US.

Firstly, Clayton was asked about his take on Gensler’s all-out war against the crypto industry. He reaffirmed his support not necessarily for Gensler, but for the SEC and the law as it is today.

However, Clayton expressed his backing for fiat-based stablecoins, including the underpinning technology, which is blockchain.

Interestingly, Clayton did not hint at supporting central bank digital currencies (CBDCs). It should be noted that the SEC filed the lawsuit against Ripple — perhaps the most prominent CBDC technology infrastructure provider today — back in December 2020, one day before Clayton left his position at the securities agency. 

At the moment, Clayton is currently Senior Policy Advisor at Sullivan and Cromwell, the law firm deeply involved with FTX during its post-bankruptcy state.

Meanwhile, Morehead believes that the intensifying crackdown on crypto exchanges in the US today will provide the impetus to clearer and more comprehensive crypto rules and guidelines.

Recently, the US Congress held a major hearing regarding a newly-filed bill that may pave the way for the landmark crypto regulation that American crypto exchanges are hoping for. Circle CEO Jeremy Allaire appeared during the hearing and he bared the news that a new draft of the US stablecoin bill has been published.

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Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.

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