Jay Clayton named the terms of Gary Gensler's departure

If a new administration takes office, current SEC Chairman Gary Gensler, who is strongly anti-cryptocurrency, will have the power to decide whether to stay in office or resign.

The lawyer focused on stablecoins equated to the dollar in the interview. With stablecoins, it has become much easier and faster to make international transactions with the U.S. dollar. What can't be said about slow bank transfers, where users are charged high fees, Clayton noted.

Stablecoins have become especially popular outside the United States, and that could reflect well on the dollar's global dominance, the former official reasoned. The use of improved technology for cross-border payments and transfers should contribute to economic stability both within the United States and internationally, Clayton said.

Last year, Clayton accused Gensler of abuse of office for biased regulation of cryptocurrencies in the United States. Earlier, the former SEC chairman said the Howey test should be used to determine whether a cryptoasset is a security, rather than resorting to litigation.