US SEC Chairman: Using existing laws to deal with cryptocurrency entity non-compliance

In a speech on April 8, the US Securities and Exchange Commission (SEC) Chairman reiterated his concern about the field of cryptocurrency.


(Source: unsplash )

US Securities and Exchange Commission (SEC) Chairman Jay Clayton speaks at the Securities and Exchange Commission's "SEC Speaks" in Washington, highlighting the digital currency arena and its actions and roles for the SEC A broad overview has been made.

In his speech, Clayton emphasized that existing laws have been used to deal with non-compliance of cryptocurrency entities.

“In the field of digital assets, … lawsuits filed by law enforcement agencies indicate that there will be a road to comply with federal securities laws in the future, even if the issuer illegally issues unregistered digital asset securities.”

He continued:

“This path includes the proper disclosure of information to investors so they can make more informed decisions, decide whether to seek compensation, or continue to hold tokens.”

At the same time, Clayton further drew attention to the fact that cryptocurrencies were the focus of the SEC's 2019 internal review. The agency's Compliance Inspection and Examination Office prepared this review report in December last year.

These comments highlight the continued voice of the US in cryptocurrencies and the impact of cryptocurrencies on securities regulation, etc. The United States is taking a slow but comprehensive step at the national level to formally establish the status of cryptocurrency.

Last week, the SEC issued guidance on determining whether digital assets constitute an investment contract. On the same day, on April 3, the agency also concluded that a new ICO token provided by the startup TurnKey was not a security.

In recent months, the ongoing struggle between this regulator and participants involved in bringing exchange-traded funds (ETFs) based on cryptocurrencies has become even more compelling.

Last month, the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) continued to evaluate the status of related applications despite repeated delays and other setbacks.