Jay Clayton, former chairman of the US Securities and Exchange Commission (SEC), compared crypto to Uber.
Clayton, who appeared on CNBC’s Squawk Box, discussed similar structures of crypto and Uber.
Former SEC Chairman Compares Crypto to Uber
Clayton recalled that Uber claims its taxi regulations are too mysterious and outdated. The company offered a compelling alternative so regulators could catch up. Clayton called it the “Uber effect.”
Uber has had a lot of problems with regulators, which is contrary to current regulations. Uber, which says it is a communications platform, could not repeal strict regulations despite many efforts and had to suspend operations in Austin, Texas in 2016.
Uber has similarly faced off against regulators in the UK, Denmark, Italy and Canada for disrupting the old taxi industry.
Like Uber, the leading names in the crypto industry are demanding a different approach, stating that the current rules are outdated. But Gary Gensler, chairman of the U.S. Securities and Exchange Commission, has repeatedly ignored these requests.
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