Sounding more bullish on the cryptocurrency than he has in years, U.S. Securities and Exchange Commission Chairman Jay Clayton said Thursday the inefficiencies of modern payment systems are "driving the rise of bitcoin."
- Bitcoin was trading a tick below $18,000 at press time Thursday as the bull run continues to drive the cryptocurrency near all-time highs.
- Clayton rebutted interviewer Andrew Ross Sorkin's suggestion that bitcoin could ever be regulated as a security. Bitcoin "was much more a payment mechanism and stored value" than a security, he said.
- That doesn't mean the SEC is comfortable with the crypto quite yet. Under Clayton, the SEC has repeatedly blocked a number of potential bitcoin exchange-traded funds from launching.
- Clayton nevertheless seemed to echo JPMorgan Chase CEO Jamie Dimon's Wednesday prediction that regulators would eventually come knocking as bitcoin continues to grow.
- "I think we're going to see this mature and I think we're going to see more regulation around the payments space," he said.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.