Former SEC Chairman Jay Clayton said he sees the current US regulations as a solid precedent for cryptocurrency regulations.

He is also reportedly joining Fireblocks, a crypto firm that specializes in digital assets used for payments, gaming and non-fungible tokens (NFTs), as part of its advisory board.

"New technology should not cause us to change the fundamental protections in our securities and other financial markets," Clayton noted. And when asked about the provisions currently included in the US infrastructure bill, he answered: "clarity about taxing digital assets is a good thing."

Regulatory interest in cryptocurrency has skyrocketed globally as prices of tokens soared. Crypto firms including Binance and BitMEx selected people familiar with regulation for top positions as a response to this.

Fireblocks CEO and co-founder Michael Shaulov said Clayton's insights on financial stability and security will greatly benefit the company, as it will help clients understand how the new digital solutions and investment opportunities are best aligned with regulatory goals as well as existing technologies.