Former SEC Chair Jay Clayton recently acknowledged that reaching consensus on cryptocurrency regulation within the United States would appear to presently remain elusive for all parties involved, but he has nonetheless challenged the government to take the initiative. Clayton stated that the government should first try and fully comprehend the benefits and potential of crypto and what it can do for the countrys financial system before enacting any kind of regulatory policies. Jay discussed certain benefits of crypto like the ability to power quick payments as well as digital asset custody and urged the SEC to issue viable guidelines for the custody of tokenized assets. He further stated that in order to truly move forward, the United States must first embrace the efficiencies provided by tokenizing well-known services like payments and asset custody in digital form. According to Clayton, the U.S should therefore move forward on stablecoin rules, identifying the various characteristics which distinguish stablecoins as a means of payment rather than a commodity or security.
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