Securities and Exchange Commission will not make exceptions for crypto
Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC), said that the regulator does not intend to make exceptions for cryptocurrencies and develop individual regulatory rules.
In a conversation with Bloomberg, he said that he is not going to change the laws in the field of securities only to include or exclude crypto assets, but also will not intends to hinder the development of the industry.
“Many expect to see some changes in the rules on our part to add blockchain and cryptocurrencies to them. I initially made it clear that this will not happen,” Clayton said.
Against the background of this statement, he also added that he does not position himself as an opponent of innovation or digital payments: “If there is an opportunity to reduce transaction costs internationally, then I support this idea. But it should be understood that you can not sacrifice the ideology of laws in the field of securities and other laws to implement it.”
Clayton explained that he sees differences in digital currencies. For example, bitcoin in his opinion is not a security, but many other ICO entities should be regulated according to the securities law. Among other things, he found that white paper of many ICO have certain problems and a lot of repetitive motifs, such as” time is running out “or”if you buy now, get 4 times more.” Such statements are a Wake-up call for the regulatory Agency.
