Powered by

Blockchain, cryptocurrencies, and insider stories by TNW.

SEC chairman: Bitcoin won’t trade on real exchanges anytime soon

The regulator says it needs more regulation

Bitcoin BTC won’t be traded on real exchanges like Nasdaq or New York Stock Exchange any time soon  or so says US Securities and Exchange Commission chairman Jay Clayton.

At a conference earlier today, Clayton maintained that Bitcoin needs stronger regulation before that happens, and until then, investors should remain wary, CNBC reports.

“If [buyers] think there’s the same rigor around [Bitcoin’s] price discovery as there is on the Nasdaq or New York Stock Exchange … they are sorely mistaken,” said Clayton. “We have to get to a place where we can be confident that trading is better regulated.”

Clayton said pretty much the same thing a year ago

Around this time last year, Clayton made similar claims in relation to Bitcoin Exchange Traded Funds (ETFs), which are still not a thing (despite the continued efforts of Wall Street).

“What investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation,” said Clayton back then“Those kinds of safeguards do not exist currently in all of the exchange venues where digital currencies trade.”

Seems not much has changed.

Published September 19, 2019 — 16:22 UTC