Former SEC Chairman: Digital Assets Will Change the Global Financial System

Jay Clayton, former director of the U.S. Securities and Exchange Commission (SEC), said digital assets could change the global financial infrastructure, but it was not clear which assets would change the most.

He said in an interview:"I think digital assets (...) whether tokenized are always safe, stable coins or new assets are part of our global agenda."

“We need to separate cryptocurrency from tokenization and cryptography,” Clayton said. The second is the opportunity to enter more markets and create new, more profitable businesses.

He said the impact of encryption on cross-border payments could provide guidance for future improvements.

Clayton recently became a lawyer. He has received complaints in the crypto industry after issuing an unregistered certificate to Ripple and two executives in 2020.

Service for the Wall Street Journal in December 2021,When it comes to how America's future rests on blockchain, time is running out for American technology.

dit Clayton."I think that inheritance will be in one form or another. Stablecoins or whatever."

He predicts that business has a long way to go. He said one of the ways is for stable coins to adapt to the current system. The current system uses the government's fixed currency in the management of financial management and maintains stable coins for businesses or consumers.

However, the current direction of the SEC and the Fed has raised concerns about the coin's stability. SEC Chairman Gary Gensler compared it to the poker chip in September 2021, as previously reported by BitTweet.

Separately, in July 2021, Federal Reserve Chairman Jerome Powell said the coin was a threat and existed under "bad governance" but without ownership.

“I believe in the importance of our governance model and I think they shouldn't change,” Clayton said. Content and goals should never rest. "