According to reports, Bitcoin have a mole within the United States Securities and Exchange Commission (SEC), with regulation looming, is this going to be a deal breaker for Bitcoin? Moreover, how important is this for cryptocurrency in the United States over all?
The Chair of the SEC Jay Clayton is said to have a very fond knowledge of cryptocurrencies, a rumour that seems to have been confirmed by the release of a transcript of a recent meeting within the SEC. The transcript records a meeting that took place in June 2018 and composes a 19 page document that reveals some interesting information about Clayton and his stance on Bitcoin.
According to Bitcoin.com, page 12 of the document discusses how a previous meeting between Clayton and Eric Werner, the Associate Director of Enforcement at the SEC, allowed Clayton to really cement his views of cryptocurrency. What was said, is very promising indeed:
[Werner] “The first time that I met the Chairman [Clayton]. I walked into a heated discussion he was having with an attorney in my office about the legitimacy and viability of cryptocurrencies. I was taken aback, honestly, about how much thought he had given to this space and the issues surrounding that. And what I have learned working with him is that he has given every single issue that he has confronted that same dedication and thought process.”
See more for yourself, here.
Whilst this doesn’t give a great deal way, it is becoming clear that Clayton is indeed very pro cryptocurrency. What does this mean?
The SEC are going to be responsible for establishing regulation in the United States. If the decision makers are answering to somebody who is pro Bitcoin, then the regulations are more likely to allow for the use and adoption of cryptocurrencies, meaning that the United States in turn could become a centre for cryptocurrency trading and investment. It’s a bit speculative, but this could be very good news indeed.
With the SEC constantly working to research and study crypto, this news could in turn mean that the future for crypto in the United States is a little more certain than before. We could of course be wrong though.