According to foreign media, Jay Clayton, chairman of the US Securities and Exchange Commission (SEC), said he would not change the rules of the securities law by cryptocurrency, but would not prevent the development of cryptocurrency.
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SEC does not change the rules
On August 27th, Bloomberg published an interview with Jay Clayton. Clayton said he does not want to change the securities laws to include or exclude digital assets in regulation.
Many people are very excited and think that we will change the regulations because of adapting to technology. They often guess what happens. However, I knew from the beginning that this situation will not happen.
However, Clayton said that he neither opposes innovation nor resists excellent digital payment methods. He further said:
If there is a way to reduce the cost of international payments through technology, I fully support it, but not by sacrificing the basic principles of securities law and other laws.
Viewpoint: Bitcoin vs. ICO
Clayton said he does not believe that all cryptocurrencies are the same. For example, he does not consider Bitcoin to be a security. However, he reiterated that the US SEC has clearly stated that many ICO projects need to comply with securities regulatory requirements. In addition, he reportedly found many ICO white papers to be disturbing because they commonly used words such as "there is not much time left" or "job to join, get four times the proceeds." This is a problem that regulators need to worry about.
Recent legal proceedings
In recent months, the US SEC has sued many companies for misconduct in the ICO process, and such litigation has increased. Last week, the British "Daily Telegraph" reported that Russia's ICO rating company ICO Rating and the SEC reached a settlement on the so-called anti-selling violations.
Also in August, the US SEC successfully requested the freezing of assets of Reginald Middleton and its company Veritaseum Inc. for alleged ICO fraud, for a total price of $15 million.