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US SEC Chairman: Bitcoin is rising because of payment inefficiencies in current systems

US Securities and Exchange Commission (SEC) Chairman Jay Clayton, in an interview with CNBC’s Squawk Box on Nov. 19, said that Bitcoin was rising because of inefficiencies in current payment systems.

  • Clayton was asked about his viewed on Bitcoin, including whether it was a security, which he denied as it is “more a payment mechanism and stored value”
  • As to why Bitcoin was rising, Clayton said that “our current payments systems have inefficiencies” and it was because of this that Bitcoin was rising
  • Bitcoin is currently hovering around the $18,000 mark, the highest it has been since late 2017
  • Clayton announced earlier this week that he would leaving his role as SEC Chairman; a few candidates have already been considered as a replacement, including crypto-friendly Gary Gensler
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