ICOs are Securites, ‘Don’t Know How Much More Clear I Can Be’: SEC Chairman

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ICOs are Securites, ‘Don’t Know How Much More Clear I Can Be’: SEC Chairman

Post by howlermunkey » Wed Jun 13, 2018 10:37 pm

The SEC held a public forum on June 13, “Investing In America: Atlanta Town Hall Meeting.” The town hall was highly anticipated because regulators planned on speaking about cryptocurrency regulations and innovation. The session was open to the public and streamed live on the SEC website.

The discussions reaffirmed that the agency wants to welcome innovation with blockchain technology but is also extremely cautious toward fraud, especially as it relates to retail or individual investors. The stance on ICOs was also the same — that they are securities — though no token or coin was mentioned by name.

Speakers set a general tone that nearly all investment types, outside of cryptocurrency, are increasing in complexity and technological advances, and the agency is improving their own data and technology to keep up and improve security.

Kara Stein, Commissioner of the SEC, said:

“[Cryptocurrency] has the potential to reduce the cost of investing. It could decease the cost of capital allocation. We are being challenged, we are being disrupted like everybody else is… and one of the things we’re thinking about is how embrace the innovation and make sure it’s used effectively. One thing we are thinking through is how to ideally anticipate and prevent problems before they arise.”

https://www.ccn.com/icos-are-securites- ... -chairman/

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