Copy link
Increase text size
Decrease text size
Link copied

SEC chairman says DLT can foster capital growth; Revealed that agency has been studying digital assets

SEC Chairman Jay Clayton said that his agency has been studying digital assets and will be taking a ‘measured’ yet ‘proactive’ approach on the crypto industry.

Image: Screenshot of CNBC Television

Thu, 12 Dec 2019, 07:42 am UTC

The Chairman of the Securities and Exchange Commission has released a testimony for the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Published on Tuesday, Dec. 10, Clayton outlined the regulatory agency’s stance on blockchain and digital ledger technology.

In recent years, the SEC has taken a draconian approach to the budding crypto industry due to the proliferation of bad actors in the space. However, Clayton believes that they’ve loosened up with their strict strategies, adding they’ve been allocating significant time and resources in studying digital assets.

“As I have previously stated, I am optimistic that developments in distributed ledger technology can help facilitate capital formation, providing promising investment opportunities for both institutional and Main Street investors. Overall, I believe we have taken a measured, yet proactive regulatory approach that both fosters innovation and capital formation while protecting our investors and our markets,” Clayton said.

SEC’s recent approvals

Although most would argue that the SEC’s stance is still too stifling for the growth acceleration of the crypto industry, the agency has indeed approved several projects in the ecosystem. In July, the regulatory body gave a no-action notice to the gaming reward firm Pocketful of Quarters (PoQ) allowing it to sell its tokens without the need to register them as securities.

In October, the SEC gave the New York-based regulated financial institution Paxos a no-action relief, which gave the firm the ability to settle certain listed U.S. equity securities. The first entities that will be using Paxos’ platform are Credit Suisse and Société Générale in a bid to streamline their respective settlement process.

And earlier this month, the SEC approved the New York Digital Investment Group (NYDIG) to offer the shares of its new bitcoin fund to institutional investors. The price of each share is $10.

Clayton mentions Telegram case

Despite this progress, however, the SEC has been colliding with some high profile entities that are trying to enter the crypto space. Among them are Telegram and its eyebrow-raising token sale last year that generated $1.7 billion.

Clayton referenced the on-going case in the testimony, although he didn’t name Telegrams outright. The latest development on this front is the involvement of Credit Suisse and BNY Mellon that allegedly helped Telegram moved the aforementioned fund, an activity that raised some alarm bells given the aversion of financial firms toward the crypto businesses.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.13 02:38:03
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all ................................................................................................................................
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $16,810.70 (-0.68%)
  • Ethereum (ETH) $505.56 (-0.26%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $261.44 (-3.30%)
  • Chainlink (LINK) $12.24 (+1.45%)
  • Bitcoin (BTC) $16,810.70 (-0.68%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft