SEC Chairman Believes Bitcoin Needs Further Regulation for Major Public Exchange Listing | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
According to a press release dated September 19, 2019, published on Nasdaq.com, U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton believes bitcoin needs further regulatory infrastructure before being listed on major exchanges.
Sec Addresses Bitcoin Regulatory Weaknesses
A few days after having brought to the court ICOBox, SEC comes back talking about cryptocurrencies, and in particular bitcoin.
During the CNBC Delivering Alpha conference, Jay Clayton, Chairman of the SEC, spoke about bitcoin and its lack of sufficient regulatory infrastructure. According to him, bitcoin will need stronger regulations before being traded on major exchanges such as Nasdaq and New York Stock Exchange.
Mr. Clayton claimed that bitcoin price discovery does not share the same degree of reliability that other securities offered by major exchange do. Major traditional exchanges are allegedly built upon investors protection and this is what the crypto market is missing at the moment according to the SEC. Clayton’s analysis may be led by the increasing share of the retail investor in the security market. Indeed, if growth opportunities shift into private markets and potential ordinary investors cannot properly access them, it is clearly an inefficiency.
Bitcoin History in the Traditional Public Exchanges
Until today, the closest bitcoin came to being listed on major public exchange was when the CME added futures trading back in December 2017. However, in the case of the CME, real digital coins are not traded as CME only provides derivative contracts that replicate the bitcoin price.