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Jay Clayton, president of the United States Securities and Exchange Commission (SEC), said on Tuesday he did not see the way to get approval for a cryptocurrency ETF as long as fears of manipulation the market would not have been resolved.
"What do you mean [manipulation] the problem is solved, I do not have a particular path. But this needs to be addressed "before ETF approval," said Clayton at CoinDesk's Consensus: Invest conference.
"The prices that retail investors are seeing are the prices they should rely on and without manipulation – not without volatility, but without manipulation," said Clayton during his appearance, which was moderated by investor Glenn Hutchins. .
The President of the SEC, who originally said that he was speaking in his personal capacity and not from his agency, also clarified whether the sale of chips during the initial offer of coins (ICO) constituted an offer of securities.
"If you're funding a business with a chip offer, you should start by baduming it's a title," he pointed out.
Nevertheless, Clayton conceded that in some cases the status of a particular chip was not so clear. When the subject of the Ripple distributed ledger launch and the XRP digital badet was raised, Clayton said that "some of these issues require a lot of information" without further deepening this topic.
On the other hand, "many are very obvious," according to Clayton. "I'm selling you my token, I'm going to start a business and hopefully you'll get a return for buying this token. "
Clayton also gave some advice to those considering tossing chips in front of potential investors: "If there is a gap between what you say [the SEC] and what you say to people who invest in your business is not a good place to start. "
The SEC chairman was also questioned about the recent announcement that two crypto startups, both of which were operating ICOs, have settled the registration violation charges with the "Cryptography". agency. While noting that these companies are working with the SEC, Clayton says the settlements were made in the context of these specific businesses.
"People should understand that this was the cure in this particular case, but the remedies might be different in the future," said Clayton, adding, "Take your party together."
Clayton's remarks are part of the broader picture of the SEC's actions in the field of cryptography to date, starting with the release of the July 2017 CAD report, which describes how certain token sales, to eyes of the agency, could be considered as offers of securities.
Some start-ups have attempted to completely bypbad securities laws by doubling their utility tokens, but Clayton noted that the behavior of selling tokens is one way to rank it. He used the concept of laundry token, noting that a token used to wash clothes would not be a security.
"But if I have a set of 10 laundry tokens and laundromats need to be developed and they offer me as something that I can use for the future and buy them because I can sell them at next next year, security, "he said in April.
Photo by Stan Higgins for CoinDesk
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