Cryptos Like BTC Aren't Securities, SEC Chairman Says

Jay Clayton from Securities and Exchange Commission said that Bitcoin can replace dollar, euro or yen, so it's not a security
07 June 2018   593

The head of the US Securities and Exchange Commission (SEC), Jay Clayton, in an interview with CNBC said that bitcoin is not a security and countered it with traditional money.

He said that Bitcoin can replace the dollar, yen or euro, "so we can not classify it as a security class."

According to Clayton, tokens can be referred to securities, as they fulfill the role of digital assets and the US financial controller controls this area.

If I give you money, and you go and make a venture. And in return for me giving you my money you say: "I'll give you the return." Or you can get the return by selling your token to somebody on the secondary market - that is a security.
 

Jay Clayton

Chairman, SEC

Earlier, Jay Clayton said that the SEC intends toughen the fight against fraudulent ICO.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   173

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.