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What Does Departing SEC Commissioner Say About Cryptography?
The SEC Commissioner who recently resigned to return to New-York law school has said that there have been umpteen number of advocates at the US securities watchdog ‘U.S. Securities and Exchange Commission’ (SEC) straining and exhausting to illustrate cryptography precisely.
However, the regulatory agency is agile on programmers who are well verse about all the algorithms involved in today’s investments.
Robert Jackson, the departing SEC Commissioner thinks that the concept of cryptocurrencies has been sensational invention associated with some risk factors and described them as another challenge for regulators.
Well, as per the Reuters reports, the SEC Commissioner said that there are about 4,000 lawyers are actually struggling to explain the algorithm, and acknowledged that the rapid growth of digital assets and FinTech-driven investment advice has become a key challenge for regulators trying to keep up with technological advances. Mr. Jackson has announced that he’s going to step down from the post from Feb 14th.
“In 20 years we may need to be an agency of 2,000 lawyers and 2,000 programmer, he said. “I know what it looks like when a human being commits fraud. It’s a lot harder to detect when an algorithm defrauds the investor. But investors deserve no less protection simply because money is being moved around by an algorithm.”
He seemed to have been proud of serving his fellow Commissioners, especially Chairman Jay Clayton, and the commission’s staff, who devoted their careers to safe-guarding retail investors and develop attractive framework so as to ensure lucrative prosperity.
Jackson seemed constructive for an aggressive disclosure from companies when cyber-attacks occur and insists that the SEC should be conducive for the companies in confronting cyber-attacks.