CEO of Circle: The exchange Poloniex transferred the trading business to Bermuda because the SEC can easily identify the encrypted asset as a security

Babbitt News, at 2 pm Beijing time on July 30, the US Senate Banking Committee held a hearing to discuss current and potential regulation of the cryptocurrency and blockchain industries. Mike Crapo, chairman of the Bank of America's Housing and Urban Affairs Committee, questioned Circle CEO Jeremy Allaire: "Circle exchange Poloniex moved the transaction to Bermuda, why?" Jeremy replied: "The definition given by the SEC is too narrow and easy. The encrypted assets are considered to be securities, but in fact they may be commodities or utility tokens. However, the encryption industry certainly needs to be supervised. Babbitt Information will broadcast the entire video of the hearing, link: https://www. (please copy the link to the browser to open)