Share this article
SEC Chief Got Into 'Heated' Debate on Crypto
A newly released transcript from an SEC roundtable showcases the passionate discussion around crypto within the agency.
By Stan Higgins
Updated Sep 13, 2021, 8:14 a.m. Published Aug 1, 2018, 3:20 p.m.
Make us preferred on Google
A newly released transcript from a Securities and Exchange Commission (SEC) roundtable in June showcased the sometimes passionate discussion around cryptocurrencies within the agency.
At the start of the June 4 roundtable on conduct standards for investment professionals, according to the transcript, SEC official Eric Werner introduced Jay Clayton, who was present at the event and currently serves as chairman of the SEC. Werner is the associate director of enforcement for the SEC's Fort Worth regional office.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In discussing Clayton's work at the agency, Werner highlighted an instance in which he walked into a "heated" discussion between the SEC chairman and an unnamed attorney about cryptocurrency – while also stressing Clayton's commitment to the issue in question.
Werner was quoted as saying:
"In fact, the first time that I met the Chairman, I walked into a heated discussion he was having with an attorney in my office about the legitimacy and viability of cryptocurrencies. I was taken aback, honestly, about how much thought he had given to this space and the issues surrounding that. And what I have learned in the time working with him is that he has given every single issue that he has confronted that same dedication and thought process."
Clayton, whose agency is one of several U.S. regulatory bodies taking a leading role in regulating the industry, particularly around initial coin offerings (ICOs), has remarked publicly on the technology in the past.
Indeed, it was during a hearing in February that Clayton stressed the difference between cryptocurrencies and ICO-derived tokens that are securities.
"I want to go back to separating ICOs and cryptocurrencies. ICOs that are securities offerings, we should regulate them like we regulate securities offerings. End of story," he said at the time.
Jay Clayton image via YouTube/CSPAN
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
Top Stories
