The head of the Commission on securities and exchange Commission said Wednesday that the Agency will not change the rules regarding cryptocurrencies.
“We are not going to change anything against the traditional definition of security, which worked for a long time,” — said on Thursday the Chairman of the Commission on securities and stock exchanges of the USA Jay Clayton.
Clayton explained that the United States created the securities market in the amount of $ 19 trillion, which is “the envy of the world.”
The Agency will not amend the rules for the process of fundraising, known as the initial offer coins, or ICO. According to recent studies conducted by the Autonomous Next, this year ICO has attracted 9.1 billion.
“If you are the owner or ICO stock and want to sell them in the private placement, just follow the rules of the private placement, said Clayton — if you want to hold an IPO, using the tokens that come to us.”
SEC “glad to help to hold public offer”, if the issuers are taking responsibility to observe the laws of the SEC, he said.
The Chairman also referred to the debate about cryptocurrencies, which should fall under the jurisdiction of the SEC.
“Cryptocurrency is a replacement for sovereign, currency, replacing the dollar, Euro, yen by bitcoin,” said Clayton.
But the tokens or digital assets used in the process of raising funds, known ICO, are securities.
“Tokens work as follows: I give you my money, you go and open enterprise, and in return I get a share of the profits. This is a valuable paper that we handle. We adjust the primary distribution of such securities and trafficking”
In March, Clayton made clear that all ICO are securities, and confirmed this Wednesday, June 6th .
However, companies associated with cryptocurrencies, claimed that some of them should still fall under a different category, in many cases, due to the fact that their tokens are utility tokens.
In late April, the Commissioner of the securities Commission, the United States, Robert Jackson said that the Agency is not going to prohibit ICO, and remains open when regulating the cryptocurrency investment.
A month later, the SEC has created a web site HoweyCoins.com to demonstrate to investors as what seems to be a serious project, it may be a fraud.
Co-founder of Fundstrat Tom Lee and many other analysts believe that institutional investors need additional guidance from the regulators such as SEC.