Clayton was the opening speaker at the Delivering Alpha conference, presented by CNBC and Institutional Investor.
Bitcoin will need stronger regulation before it's traded on a major exchange and investors should be wary until that happens, Securities and Exchange Commission Chairman Jay Clayton said Thursday.
The cryptocurrency, with a market cap of $177 billion, has seen a number of attempt to go mainstream, including efforts to launch exchange-traded funds that would give retail investors an easier path into the space. However, regulators have been reluctant amid violent price swings, a string of negative headlines involving fraud and a general level of skepticism about the stability of the crypto industry.
"If [investors] think there's the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange ... they are sorely mistaken," said Clayton, the opening speaker at the Delivering Alpha conference, presented by CNBC and Institutional Investor. "We have to get to a place where we can be confident that trading is better regulated."
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