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SECâs Jay Clayton repeated known elements of the regulatorâs stance on cryptocurrency phenomena in a recent interview.
The chairman of the U.S. Securities and Exchange Commission (SEC) Jay Clayton reiterated the regulatorâs strict stance on Initial Coin Offering (ICO) compliance in fresh comments to CNBC Nov. 26.
Speaking in an interview with CNBC, during which presenters mentioned the recent enforcement deals with ICOs Paragon and Airfox, Clayton underlined the need to conduct public token sales with U.S. consumers in line with SEC guidelines.
âWeâve had no ICOs register [with the SEC],â he told reporters, adding:
âTo the extent that an ICO is being conducted offshore or pursuant to a private placement exemption, fine; to the extent that youâve conducted a public offering in an ICO, itâs non-compliant.â
Both the SEC and fellow regulator the Commodity Futures Trading Commission (CFTC) have adopted the perspective that while Bitcoin (BTC) is not considered a security, various ICO tokens are, subject to individual scrutiny.
âI think weâve been clear that Bitcoin isnât a security, but many of the ICOs that you see and talk about â they are securities,â Clayton added.
Continuing, the conversation touched on other pertinent issues affecting the cryptocurrency industry this year such as the pending decision on whether to allow Bitcoin exchange-traded funds (ETFs) to launch.
On all topics, Clayton remained tight lipped, repeating aspects of the SECâs stance already known to the wider community.
âIâm not going to comment on timing or anything like that, but weâve been clear on some of the issues that are of concern to us,â he said.
Paragon and Airfox, which in 2017 raised around $27 million from their ICOs, must now repay millions of dollars to investors in addition to fines after regulators found them guilty of selling unregistered securities.
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