Former US regulators Jay Clayton and Brent McIntosh have stated that additional regulations for cryptocurrencies are unnecessary. They want regulatory certainty to expand.
In an opinion article published this week, former SEC chairman Jay Clayton and former undersecretary of the Treasury for International Affairs Brent McIntosh stated that the current US administration’s assessment of the US legal system as unable to regulate cryptocurrencies is fundamentally incorrect. Gary Gensler, the current Chairman of the Securities and Exchange Commission in the United States, has consistently advocated that cryptocurrencies require more rules to safeguard investors’ interests.
Former regulators say that the present rules are sufficient.
The arguments of current US Treasury Secretary Janet Yellen, who feels that the present US framework isn’t “up to the task” of regulating cryptocurrencies, were challenged by Jay Clayton and Brent McIntosh. Former regulators also believe that Gary Gensler, the current Chairman of the Securities and Exchange Commission, is incorrect when he claims that bitcoin marketplaces are unprotected from fraud or manipulation. Clayton and McIntosh also asserted that the legal structure in the United States already contains all of the ingredients needed to encompass cryptocurrency-related activity. They maintained that there was no need to remake the wheel or over-regulate the market, which would stifle innovation.
Former regulators provide advice to the present government.
Former regulators have stated that rather than enacting new laws to control this activity or seeking to impose new rules of the game, it is adequate to apply current standards to securities offerings that have previously demonstrated their legal strength in the United States. Clayton and McIntosh suggest that regulators concentrate on defining the bounds of their authority to prevent disputes of opinion or legal loopholes. They also proposed that the Biden administration decides on how to handle CBDCs and stablecoins. If such options show to be more efficient for transferring value and making payments, a clear emphasis on where to spend effort should be established.