Former SEC, CFTC chairs push back on SEC’s crypto lawsuits
Former SEC Chair Jay Clayton does not think litigation carves the path forward for crypto regulation, a belief that seems to differ from the SEC’s current stance, with multiple open court cases against crypto companies. “These lawsuits are unlikely to address questions of whether existing laws need to be adjusted to deal with particular features of digital tokens,” Clayton and former CFTC Chair Timothy Massad wrote in the Wall Street Journal on Friday, June 7 — the second piece the duo has penned specifically on the regulation of digital assets. Furthermore, they argue, a judge should not “address the board and technical questions of a market structure and operation in the context of a case that hives on the classification of a particular token.” Clayton has previously spoken out against the current regulation-by-enforcement approach that the SEC is taking. In December of last year, Clayton and Massad explained how to start regulating crypto markets following the collapse of ...