Statement on Cryptocurrencies and Initial Coin Offerings
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Re: Statement on Cryptocurrencies and Initial Coin Offerings
#2A little emphasis, focusing on the aftermath from the SEC's July report on the DAO:
> "Following the issuance of the 21(a) Report, certain market professionals have attempted to highlight utility characteristics of their proposed initial coin offerings in an effort to claim that their proposed tokens or coins are not securities. Many of these assertions appear to elevate form over substance. Merely calling a token a “utility” token or structuring it to provide some utility does not prevent the token from being a security."
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#3[deleted]
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#4> I believe that initial coin offerings – whether they represent offerings of securities or not – can be effective ways for entrepreneurs and others to raise funding, including for innovative projects.
> We at the SEC are committed to promoting capital formation. The technology on which cryptocurrencies and ICOs are based may prove to be disruptive, transformative and efficiency enhancing. I am confident that developments in fintech will help facilitate capital formation and provide promising investment opportunities for institutional and Main Street investors alike. I encourage Main Street investors to be open to these opportunities, but to ask good questions, demand clear answers and apply good common sense when doing so.
I don't know much about Jay Clayton (SEC Chairmain) but he seems to be taking a very pragmatic stance on tokens. From what I gather, he's saying that some of these tokens should be classified as securities, while others should not. And we as investors should be be diligent to probe the creators to see if these tokens are subject to regulation and are legal.
This is amazing! The SEC haven't quite stepped in yet. But I fully expect them to. And this gives some great insight into what we can expect in the future.
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#5But since there is no intermediary between your transactions in crypto, please be aware of fraud. You are completely responsible and accountable for all actions you take with your money. There will be nobody to blame in crypto :)
This is what most governments are warning people against. It's more easy to scam people than before. Really.
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#6This is quite positive and in line with how ASIC (our SEC in Australia) are treating these types of assets.
Both are quite opposite to the way China is handling ICO's and crypto currency in general.
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#7> I believe that initial coin offerings – whether they represent offerings of securities or not – can be effective ways for entrepreneurs and others to raise funding, including for innovative projects. > We at the SEC are committed to promoting capital formation. The technology on which cryptocurrencies and ICOs are based may prove to be disruptive, transformative and efficiency enhancing. I am confident that develop…
They seem to be approaching things in quite a pragmatic way, which is great.
This is a space that will grow in the coming years, and while there will be growing pains / abuses along the way, this might end up being a new, valid and accepted method of raising international funding.
All the actors just need to get comfortable with this and figure out the best way to approach this.
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#8This is not a statement from the SEC, but from chairman Clayton. See footnote [1]: «This statement is my own and does not reflect the views of any other Commissioner or the Commission. This statement is not, and should not be taken as, a definitive discussion of applicable law, all the relevant risks with respect to these products, or a statement of my position on any particular product.»
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#9Jay Clayton
'1] This statement is my own and does not reflect the views of any other Commissioner or the Commission. This statement is not, and should not be taken as, a definitive discussion of applicable law, all the relevant risks with respect to these products, or a statement of my position on any particular product. '
Intriguing that this is a personal perspective....
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#10This is quite positive and in line with how ASIC (our SEC in Australia) are treating these types of assets. Both are quite opposite to the way China is handling ICO's and crypto currency in general.
China's also got laws against moving a lot of money out of the country, so not entirely unexpected.