The head of the US Securities and Exchange Commission (SEC), Jay Clayton, said that all the ICO held at the time of the hearings in the Senate Committee on Banking Supervision placed shares on the market. Thus, the head of the agency clearly defined the government's position on the status of the tokens issued during the ICO, reports CoinDesk.
I believe every ICO I’ve seen is a security. [At the same time] no project was registered with the SEC.
Massachusetts senator Elizabeth Warren, who takes a tough stance towards the ICO, asked the officer if they violated the securities legislation in this way.
"Yes," he replied.
Clayton also said that the SEC can not determine the exact amount of aggregate investments by US citizens in ICO projects in 2017, but he is convinced that it is large enough for the agency to pay attention.
In his opinion, the organizers of the ICOs know that they must comply with US legislation and SEC regulations, but they ignore it, since regulators have not established a clear framework.
I want to go back to separating ICOs and cryptocurrencies. ICOs that are securities offerings, we should regulate them like we regulate securities offerings. End of story.
Jay Clayton also noted at the Senate hearings that blockchain technology can be very useful for verifying data and creating distributed storage and record keeping systems.