Jay Clayton (Jay Clayton), Chairman of the securities and exchange Commission (SEC), believes that bitcoin is not a security because it acts as an alternative to the state currency, according to
Clayton, speaking of the «promise» of distributed registers, which will increase the efficiency of markets, explained during an interview with CNBC about his thoughts on cryptocurrencies, which are the «replacements state currencies»:
«Replace the dollar, the yen or the Euro with bitcoin. This type of currency is not a security».
Although Clayton did not comment on the status of other scriptaction, in addition to bitcoin, he said that the securities of tokens that act as a digital asset:
«When I give you your money, and you use them to create a business [ … ] and in return you promise me return of the investment, that is, securities that fall under our regulations. We adjust the proposal of the securities and their trade.»
When Clayton was asked to clearly define their attitude to the ICO and to explain whether such tokens of securities, Chairman, SEC said that this has already been made, respectively, according to Clayton, token-ICO can be considered a stock.
Clayton added that the SEC would not support changing the definition of securities to support the ICO community, since the Commission is not going to «mock the traditional definition, which for many years honorably performed their duties.»
The position of the Clayton and SEC in relation to the cryptocurrency industry is always different stiffness – they were given to understand that cryptocurrencies will have to fit into the existing financial system, and that it will be minimally adapt to them. For example, recently Clayton said that the cryptocurrency market should be regulated similar to stock.
In relation to the ICO, the Commission also is known for its solid position. Last June, the SEC equated
the tokens-the shares of ICO securities, in April of this year, Clayton has expressed doubts about the instrumental token, repeating his previous statement
that almost all of the initial placement of tokens offered securities. However, bitcoin never particularly interested in American regulator – the SEC did not give real reason to believe that the first cryptocurrency can be equated to the securities. You can not say about some ALTLinux.
The most likely candidates for the status of securities of the popular altcoins, according to
expert on regulation, and ripple are live. These comments came soon after, venture capitalists and lawyers who invested in the projects based on Ethereum, held a private meeting with the SEC to prevent such regulation.
If the SEC really going to equate these cryptocurrencies securities (which is likely, at least in the case of Ripple, which has been accused
in violation of the securities laws of the United States), it is fraught with serious problems both for the coins, which can strongly lose in the price and for American exchanges, which will have to dramatically change their business processes to sell these tokens. Therefore, most likely, they’ll just stop trading them, and American investors will have to find workarounds for their purchase.