The global cryptography market rose by 6% until Tuesday evening, with most of the value that finds its way into the altcoin market. It looks like just another fluctuation, with the new global high of $ 126 billion still lower than yesterday's peak of $ 131 billion.
Meanwhile, President of the US Securities and Exchanges Commission, Jim Clayton, spoke at today's Consensus: Invest event in New York, where he elaborated the SEC position on Bitcoin.
SEC states that Bitcoin is not a security
During the conference, Clayton revealed the SEC's position against the possible classification of Bitcoins as security. Judging from the words of Clayton, it seems that crypto enthusiasts are out of the world as far as titles are concerned:
"Bitcoin is decentralized … It is designed to be a substitute for the payment system for sovereign currencies. it does not have the attributes of a security…. As for me, it's designed to be similar to the dollar, the yen, the euro … and it works like that … People who buy it expect it to work that way. And it is not created or distributed centrally … "
This deals with Bitcoin, but Clayton's additional comments on coin emissions make the future of Icar less secure.
Token emissions must be considered as securities
Speaking of coin emissions, Clayton said:
"If what you're doing is starting a business and you're funding that business with the issue of tokens, you should do it begins with the hypothesis that you are leading a securities offering. I think it's a better way to watch it. Begin with that hypothesis and say "Am I conducting a private placement or am I going to make a public offer?" I have to understand that this involves significant obligations. "
Recent Ico Paragon and Airfox have already heard the SEC regulation, but when Clayton was pressed on the future of XRP he gave an evasive answer.
Bitcoin ETF … Only when the risk has been assessed
Clayton said that the prospect of a Bitcoin ETF would be truly feasible only once the asset had freed itself from risk and manipulation.
Enthusiasts of encryption may be surprised to learn that the SEC has little interest in Bitcoin's technical complexities. Rather, they simply want them to have the same basic characteristics as other oversight activities, that is, legal currencies.
"What investors expect is that trading on that commodity that underlies the ETF is a meaningful trading, free from risk or significant risk of manipulation … that will not disappearthat the risk in the ETF is really the risk in the value of the underlying asset, it is not the risk of theft or disappearance.
The SEC stated in the past that comments made by committee members to external events should not be taken as official statements. That said, President Clayton seemed to speak freely and openly, and one would expect his comments to be true.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
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