Earlier this month, Clayton stated that in spite of the progress made on Bitcoin ETF, SEC had some lingering concerns that Bitcoin businesses needed to address, some of which included crypto custody and price manipulation witnessed on unregulated exchanges.
Bitcoin’s Hurdles
The pioneer cryptocurrency Bitcoin, with a market capitalization of $177 billion, has launched various attempts to go conventional, since its inception nearly a decade ago. Some of the efforts include establishing exchange-traded funds that would give retail investors easier access into the crypto space.
However, amidst these efforts, regulatory authorities have been slow in giving BTC the green light it so much needs. Volatility issues, negative headlines about the crypto space, brought about by scam and hacking reports, all weigh down on the progress on the coin and the overall crypto industry. As of this writing, Bitcoin is trading at $9909.26.
Speaking at the Delivering Alpha conference organized by CNBC and Institutional Investor where he was the opening speaker, Clayton said:
“If [investors] think there’s the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange…they are sorely mistaken….We have to get to a place where we can be confident that trading is better regulated.”
Bitcoin Regulation Still a Tough Debate
The statement by the SEC Chairman leaves the chances of BTC being listed on a major exchange, hanging in the balance. The pioneer digital currency once saw a breakthrough only when CME added Bitcoin futures trading.
Recently, Clayton has been fighting for retail investors to gain greater access to public markets, which he emphasized on the conference where he spoke about Bitcoin regulation. Clayton said he would like to see private companies initiating IPOs shortly with more access.