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SEC Chairman: Cryptocurrencies Like Bitcoin Aren’t a Security But Tokens Are

 

According to the CNBC reports on June 6, Jay Clayton told,

Clayton, when speaking about the “incredible promise” of distributed ledger technologies driving efficiencies in markets, clarified during today’s CNBC interview his thoughts on cryptocurrencies that are “replacements for sovereign currencies:”

Clayton did not particularly pass his on specific assets besides Bitcoin about their status as securities, but he did mentioned what he considers to be securities are tokens that act as digital assets:

When asked to make it more clear to the audience whether Initial Coin Offerings (ICO) are securities, Clayton told the interviewers, CNBC’s Bob Pisani, “Bob, I just did.”

The SEC chair had previously praised distributed ledger tech, blockchain as an example, during February’s SEC and Commodity Futures Trading Commission (CFTC) cryptocurrency hearing. At the time, Clayton had noted that every ICO that the SEC had seen so far would be considered a security.

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