SEC Chairman Reiterates His Focus on Cryptos

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SEC Chairman Reiterates His Focus on Cryptos

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The ongoing relationship between the United States Securities and Exchange Commission and the Cryptocurrency industry in recent years has been tenuous at best. Many crypto visionaries touting the industry’s potential would go as far as to say that the SEC is actively working against their efforts to expand the digital currency market.

Jay Clayton is the head of the SEC and his most recent comments on the cryptocurrency space were highlighted in a recent post on ArmyOfBitcoin.com. In a recent speech for SEC Speaks in Washington, Clayton updated the SEC’s perspective on the digital currency space in terms of a broader view of his organization’s observations. He made special note of instances where existing laws were referenced and applied to any noncompliance issues in the crypto industry. In a direct quote he stated:
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How Does The SEC Chairman Reiterate His Focus on Cryptos?

“In the digital assets space…the Division of Enforcement has brought cases that demonstrate that there is a path to compliance with the federal securities laws going forward. Even where issuers have conducted an illegal unregistered offering of digital asset securities.”

He continued along his train of thoughts by adding:

“This path includes appropriate disclosures to investors so they can make a more informed decision as to whether to seek reimbursement or continue to their tokens.”

He also addressed his attention to the crypto industry’s appearance in the SEC’s in-house Examination Priorities for 2019. This was complied in December of last year by the commission’s Office of Compliance, Inspections and Examinations.

The general tone appears to be directed at Crypto’s impact in the realm of securities regulations. It also points towards the US taking comprehensive action to formalize the industry’s status at the national level. Ever so be it at a slow and methodical pace.

Earlier this month, the SEC released a form of guidance addressing the stance on whether digital assets actually constitute an investment contract. Along with that release, the SEC also determined that a new initial coin offering (ICO) token from Turnkey as a start-up was not a security.

The overall tone of his comments are sure to increase the tension between the SEC and the major players in the crypto industry. This relationship has been described as being “more conspicuous” in recent months.
As previously reported by ArmyOfBitcoin.com, both the SEC and the Commodity Futures Trading Commission continually review the status of any corresponding applications of new IPO’s.

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SEC Chairman Reiterates His Focus on Cryptos
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SEC Chairman Reiterates His Focus on Cryptos
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The ongoing relationship between the United States Securities and Exchange Commission and the Cryptocurrency industry in recent years has been tenuous at best.
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Army Of Bitcoin
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