Jay Clayton, Chairman of the <a href="https://www.cryptoknowmics.com/crypto/sec-charges-bitqy-inc-for-defrauding-investors-unregistered-exchange-and-security-offerings/">United States Securities Exchange Commission</a>; spoke about the state of the cryptocurrency market manipulation in a meeting; hosted by the Economic Club of New York Panel. Jay talked about Bitcoin ETF, custody, price manipulation and regulatory concerns. 

 The SEC chairman also outlined the effects of market manipulation. In addition, the panel had multiple speakers on the podium and highlighted queries in regards to bitcoin custody, price manipulation and security. 

&nbsp;
<h2>SEC on Bitcoin ETF Approval</h2>
&nbsp;

During the 9th September event, one of the panel speakers pointed Clayton to answer; whether the crypto community was anywhere closer to a Bitcoin ETF approval. Meanwhile the speaker noted that the increasing rate of bitcoin price manipulation demotivated SEC. To which the SEC chairman explain;

&nbsp;
<blockquote>“There is a product that is the Cryptocurrency asset, then there’s the trading and holding of that asset. We’ve talked about whether some of these assets are securities and clearly we don’t see Bitcoin as a security. But when you put it into a product and make it a security, then we have to worry about whether or not it trades or is held appropriately”.</blockquote>
Clayton also spoke on the issue of Bitcoin custody and stated that efforts are being made towards improving existing modes. Remember how in May, the <a href="https://en.wikipedia.org/wiki/Financial_Industry_Regulatory_Authority">Financial Industry Regulatory Authority </a>and the SEC released a joint statement addressing factors to consider before approving custody for digital assets. Clayton added;
<blockquote>“In the trading area, it troubles me that people look on these venues; and think it has got the same level of protection that you’d have on an equity market in the US NASDAQ and MYSZ. Nothing could be further from the truth; we have lengthy rulebooks.  All sorts of protections to make sure that prices are not manipulated in the equity markets, I don’t see those in the Crypto asset markets.”</blockquote>
<h2>Conclusion</h2>
Meanwhile, note that the SEC's concern on cryptocurrency regulation, price manipulation and custody is a major serious concern for the crypto community. Note that the SEC chairman spoke about the same issue to CNBC and how its effects are causing regulatory challenges.  Clayton confirmed that Bitcoin ETF was coming although there is work to be done.

‘BTC Price Manipulation As a Factor in Bitcoin ETF and Regulatory Delay’ SEC Chairman Jay Clayton

Jay Clayton, Chairman of the United States Securities Exchange Commision spoke about the state of the cryptocurrency market manipulation.Bitcoin ETF

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

‘BTC Price Manipulation As a Factor in Bitcoin ETF and Regulatory Delay’ SEC Chairman Jay Clayton

Top Picks