SEC Chairman shares Opinion: ICO tokens may be securities
Jay Clayton, Chairman at SEC shared his opinions on the current ICO landscape at the 49th Annual Institute on Securities Regulation in New York City’s Roosevelt Hotel on 8 November 2017.
The Chairman told the audience:
"[ICO tokens] may be securities, and those who offer and sell securities in the United States must comply with the federal securities laws; any person or entity engaging in the activities of an exchange must register as a national securities exchange."
The Chairman also footnoted:
"My words are my own and do not necessarily reflect the views of my fellow Commissioners or the SEC staff."
So here you have it folks, a pre-taste of what more stringent regulations on ICOs might look like: accredited-investors(millionaires)-only ICOs, crypto exchanges registering as security exchanges (or closing doors), probably lots of tokens ending up being delisted from exchanges for not being compliant.
All of that in our “best interest”. After all aren’t we just clueless investors incapable of making rational decisions and in desperate need of protection from the regulators?
What are you thoughts?
Dan @tradealert
Sure they'll do that eventually. Surprised it hasn't already happened.
Im also expecting a 'dollarcoin' crypto backed by 'the full faith of the US treasury"
But Im just clueless investor incapable of making rational decisions..
😈
It's sad to see the democratic ideals of ICOs starting to be nipped in the bud by governments under the pretense of "protecting" consumers... SAD