“It is a political cudgel that people try to say there is a seesaw between investor protection and capital formation and market efficiency... The US has 4.4% of the world's population, and over 60% of the world's capital was raised in the US. It's because we've pursued all of those objectives. ”

 Join Spandana Bhattacharya and Jordan Baker as they talk to Jay Clayton, former Chair of the US Securities and Exchange Commission from 2017 to 2020. Mr. Clayton is also a Senior Policy Advisor at Sullivan Cromwell LLP, Non-Executive Chair of Apollo Global Management, on the board of American Express, and Adjunct Professor of Law at the Wharton and Carey schools.

Mr. Clayton describes how crypto technology can revolutionize the financial industry, especially in terms of efficiency. When it comes to the global future of crypto, Mr. Clayton likens it to the evolution of phones in that interoperability once seemed a far-off dream but now is ubiquitous. He also emphasizes that to gain regulatory acceptance, crypto must do the current regulatory job at least as well and that investor protection is not a tradeoff with efficiency and growth.