The former US president of the SEC has claimed to be a big fan of crypto technology.

Former US SEC Chairman Jay Clayton said cryptocurrencies are diverse and connected to multiple markets.

Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton was elected SEC Chairman by President Trump in 2017.

During his tenure as chairman of the US SEC, Clayton often suggested Bitcoin (BTC) as a stock market. Last Wednesday, in an interview with CNBC's Squawk Box program, Clayton shared his thoughts on cryptocurrencies and how they will be regulated in the future.

The former SEC chairman said he was "a huge fan of cryptocurrency technology" and that his success in finance and tokenization was huge.

Prior to Clayton's remarks, current SEC Chairman Gary Gensler recently confirmed that the SEC has no plans to ban cryptocurrencies, but the US Congress can. However, Gensler cautions that the cryptocurrency in its current form looks like the crypto version of the "Wild West" without proper oversight.

When asked if the current president is placing too many restrictions on the cryptocurrency industry, Klaytn said, “Cryptocurrency is profitable and tied to a lot of companies. The US SEC should only be responsible. of business management. "

“Cryptocurrencies have many different products with different functions, and the rules of our financial system are clear and long-term. In order to raise money for a project, you must register with the SEC to raise capital. There are many cryptocurrencies that do not fall under the rules of the SEC, securities like coins are not stable, ”he said.

According to Clayton, cryptocurrencies must be adopted with the proper regulations. "Of course, we must take action against those who violate our rights, but we must also encourage the use of technology in all areas of the economy," he said.

Clayton did not authorize the approval of Bitcoin ETF during his tenure. Since then, the agency has come under fire for refusing to apply for a place on the ETF and for approving the Bitcoin Futures ETF. Grayscale wrote in a letter to Vanessa Countryman, Secretary of the SEC, saying, “Investors are allowed to invest in derivatives to invest in certain assets, but cannot invest in the assets themselves. This work is not compliant. The US SEC has been accused of hijacking two Bitcoin ETFs.