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2018-06-06T11:15:58-04:00
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https://www.cnbc.com/2018/06/06/sec-chairman-clayton-says-agency-wont-change-definition-of-a-security.html #bitcoin #cryptocurrency #security #SEC
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https://www.cnbc.com/2018/06/06/sec-chairman-clayton-says-agency-wont-change-definition-of-a-security.html
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#SEC
SEC chief says agency won’t change definition of a security to cater to cryptocurrencies
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"Cryptocurrencies: These are replacements for sovereign currencies, replace the dollar, the euro, the yen with bitcoin," he said. "That type of currency is not a security."
A token, or a digital assets used in a fundraising process known as an initial coin offering, or ICO, are securities by Clayton's definition.
"A token, a digital asset, where I give you my money and you go off and make a venture, and in return for giving you my money I say 'you can get a return' that is a security and we regulate that," Clayton said. "We regulate the offering of that security and regulate the trading of that security."
Whether an asset is a security right now follows the "Howey Test." The ruling comes from a 1946 U.S. Supreme Court case that classifies a security as an investment of money in a common enterprise, in which the investor expects profits primarily from others' efforts.
Clayton made it clear in March that all ICOs constitute securities, and reiterated that Wednesday saying "if it's a security, we're regulating it." Very clear definition. SEC know what they are doing, even when it comes to cryptocurrencies or related securities, i.e. ICO. He also addressed the debate over which cryptocurrencies should fall under SEC jurisdiction.
"Cryptocurrencies: These are replacements for sovereign currencies, replace the dollar, the euro, the yen with bitcoin," he said. "That type of currency is not a security."
A token, or a digital assets used in a fundraising process known as an initial coin offering, or ICO, are ...Read More