Crypto legislation likely to come under Trump, says ex-SEC chief
Congress will likely pass legislation regulating cryptocurrencies during the administration of newly-elected President Donald Trump, Jay Clayton, a former top Wall Street regulator and potential political appointee, said Wednesday.
Clayton also said he was in favor of easing regulatory burdens to encourage companies to go public. These comments foreshadow broad-based changes in government policy now being anticipated by the industry, which has spent heavily to influence this month’s election.
“I think we’re going to see crypto legislation,” Clayton told a gathering of securities lawyers in New York. “I think it will be much easier to have crypto legislation if you address some of these issues that can be addressed at the executive and administrative level.”
Under President Joe Biden, regulators have pursued aggressive enforcement actions against crypto companies and refused to adopt regulations requested by the industry.
Clayton, who vied for a role in Trump’s second administration including attorney general, also described sharp differences from the Biden administration’s approach to market regulation and legal enforcement.
Regulations requiring corporate disclosures about the costs of the climate transition, such as those passed by the Securities and Exchange Commission earlier this year, are “terrible” because they could deter companies from going public.
“When you think about entering the public marketplace and you see this working its way through the system, you think, ‘Really? Do I need to collect all this data that has nothing to do with the way I run my business ?’ Clayton said.
Clayton also said that recent Supreme Court precedents, which have limited the powers of the executive branch, should encourage regulators to review existing lawsuits and regulations to see if they remain “viable.”
When asked about any plans to join the Trump administration, Clayton declined to comment on the details but said, “If asked for a role in which I could be effective, yes say.”
© Thomson Reuters 2024
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