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   1880

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.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   308

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.


People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.