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US SEC President Jay Clayton recently released and talked about why he believes Bitcoin is not a security. In a recent interview with Andrew Ross Sorkin (of TimesTalk), Clayton not only talked about Bitcoin, but also expressed his broader opinions on various topics related to global blockchain space.
Clayton speaks outside
Speaking of existing US securities laws, Clayton said that the domain is roughly divided into two unique categories:
- The sale of securities
- Trading of securities
Therefore, as regards Bitcoin, he said that just because a "new digital offering" entered the market, the SEC is not obliged to change its existing rules and regulations. At the same time, he also added that blockchain technology in general could be a turning point for the future (especially as it promises to improve the efficiency of the current market).
"If you're going out broadly and you're telling people you do not know," give me your money, I'll give you a stock certificate or an investment contract, a warehouse receipt or a token […]& # 39 ;, You expect a sort of return from the one based on my efforts. This is a security and we must regulate it ".
More on The Matter
Further investigation into why he thinks Bitcoin is not treated as security is because good is not "controlled by a single entity or a centralized group of people".
In this regard, he continued adding:
"It is used as a medium of exchange, you are not looking at the efforts of others to increase your return and that is why it seems much more like a currency than a security".
Final take
To complete his interview, Clayton was questioned about how Bitcoin differs from other value stores such as silver and gold. For this reason, his answer was that raw materials such as gold and silver have historically had many industrial uses. However, in the case of Bitcoin, it is more like a currency.
"I mean that (Bitcoin) does not have sovereign support, so it's different from the sovereign currency, it's designed as a medium of exchange".
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