Jay Clayton explained in an interview with CNBC’s Power Lunch that SEC commissioners are appointed for a fixed term, while the chair is confirmed by the president and typically changes with each new administration. If a new administration takes over, current SEC Chairman Gary Gensler, who is staunchly anti-cryptocurrency, would have the power to decide whether to stay or step down.
In an interview, the lawyer focused on stablecoins that are equivalent to the dollar. With the help of stable digital coins, it has become much easier and faster to make international transactions with the US dollar. This cannot be said about slow bank transfers, where users are charged large fees, Clayton noted.
Stablecoins have become especially popular outside the United States, and that could bode well for the dollar’s global dominance, the former official reasoned. Using improved technology for cross-border payments and transfers should help promote economic stability both within the United States and internationally, Clayton said.
Last year, Clayton accused Gensler of abuse of power for biased regulation of cryptocurrencies in the U.S. The former SEC chairman previously said that the Howey test should be used to determine whether a crypto asset is a security, rather than resorting to litigation.
Source: Bits
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