Outgoing SEC Chair Jay Clayton reveals what’s driving the rise of BTC

[Cordillerabit]

The outgoing SEC Chairman Jay Clayton, who oversaw the rejection of nine Bitcoin (BTC) exchange-traded funds during his tenure, has told CNBC that “inefficiencies” in the current payments systems are continuing to drive the popularity of Bitcoin.

Appearing on CNBC’s Squawk Box yesterday, Clayton, who is due to step down by the end of the year, confirmed his agency’s general assessment that Bitcoin was not a security but a payment mechanism and store of value.

The chairman has been widely criticized by the Bitcoin community for keeping a tight rein on Bitcoin and cryptocurrency. However, during his years as SEC chair, Clayton was never a staunch opponent of Bitcoin in principle, but regularly expressed his fears that average investors could be subjected to unnecessary risk when investing in a Bitcoin ETF.

This risk is due to the SEC’s perception that the largely unregulated nature of some Bitcoin exchanges makes it too easy for the price of BTC to be manipulated. With Clayton out as SEC chair, some Bitcoin proponents believe the chance of a Bitcoin ETF being approved is now greater than ever.

Source: https://cointelegraph.com/news/outgoing-sec-chair-jay-clayton-reveals-what-s-driving-the-rise-of-btc