Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton has issued warnings to officials working on the regulation of cryptocurrencies in the United States.

Clayton, who shares that new technologies coming to the financial sector should be understood correctly in the first place, emphasizes that it is wrong to impose restrictions without using cryptocurrencies. As of now, Jay Clayton, who is a consultant to 2 crypto money companies, believes that Bitcoin (BTC) can make a big revolution in the financial industry. Thinking that US government officials should change their minds about digital assets, Clayton made the following statements on the subject.

   “Cryptocurrencies and blockchain are brand new technology that could revolutionize the financial industry. It is very difficult for you to restrict or regulate these products. Cryptocurrencies are decentralized and not owned by any government.”

SEC

The former SEC chairman, who believes that cryptocurrencies cannot be regulated or restricted due to their decentralization, emphasizes that it is very difficult to find a responsible person like what happened in the LUNA disaster. Although the founder of Terra Luna is clear, many scam projects are experiencing rug pull after reaching a certain number of investors.

Although the former Securities and Exchange Commission (SEC) chief sees these products as difficult to regulate, he shares that the authorities are working on the issue. Jay Clayton, who finds the crypto money industry dangerous unless certain regulations are enacted, argues that these regulations should never be exaggerated.

In the cryptocurrency markets, Bitcoin (BTC) fell 5.93% and traded at $20,136.6. Ethereum (ETH) was down 10.24% to trade at $1,489.41. Bitcoin (BTC) market cap was measured at $385.1798B, or 39.81% of total market cap, while Ethereum (ETH) total market cap was $181.6783B, or 18.78% of total market cap.