Jay Clayton co-authored an op-ed article for The Wall Street Journal, “Crypto Needs Regulation, but It Doesn’t Need New Rules.” He argues that by identifying the function of cryptocurrency, the United States government can apply existing regulatory frameworks to create a safe environment for financial innovation. He suggests that the plan should include three key features:
- Clarity around which regulators will regulate which type of digital assets and financial technologies
- Guidelines for the requirements that a digital asset or technology must meet to operate legally in the United States
- A decision around whether the United States should issue a digital dollar, or facilitate digitalization through other means, such as stablecoins
Jay co-authored the op-ed piece with Brent McIntosh, a former Under Secretary of the Treasury for International Affairs and a former Sullivan & Cromwell partner.