SEC Chair Clayton: Crypto ETF Needs Exchanges ‘Free From Manipulation’
Jay Clayton, chairman of the Securities and Exchange Commission (SEC), said on Tuesday that he did not find a way to approve the cryptocurrency ETF until concerns over market manipulation were raised.
"[manipulation] I do not have a particular way of dealing with the problem, but before the ETF was approved," Clinton mentioned at the CoinDesk Consensus: Invest conference.
According to investor Glenn Hutchins, Clayton said "the prices the investors see are the prices they have to depend on and they are free of volatility and free to manipulate." Clayton also pointed out that custody remains a problem in the face of all ETF approvals.
The SEC chairperson – who originally spoken of his personal abilities but was not his agent – also resolved the question of whether the sale of tokens during the Initial Coin Serving (ICO) constitutes an offer of securities.
If you use a token offering to fund a venture, you should assume it is security.
Clayton acknowledged that in some cases the status of a particular token is not clear. When the Distributed Rendezvous Ripple and Digital Asset XRP were raised, Clayton said, "Some of these questions do not go to a specific topic and require a lot of information."
On the other hand, according to Clayton, "many things are very clear." "I am selling my token to you, I will leave and make a venture, and I will earn a profit for the purchase of the token."
Clayton has offered some advice to those who want to throw tokens to potential investors. "If there is a difference between what you say in [the SEC] and what the user is talking about venture investment, it is not a good start."
The SEC chairman also recently announced that two other cryptographic entrepreneurs who have done ICO have resolved the allegations of registration violations. Referring to these companies working with the SEC, Clayton made it clear that there was consensus in the context of that particular company.
"We have to understand that this is a remedy for the case, but the remedy in the future may be different," Clayton said.
Clayton's remarks correspond to a wider picture of the SEC's actions in the cryptographic space to date, beginning with the so-called DAO report published in July 2017. This agency is considered to be considered a securities sale I explained how you can.
Some start-ups tried to bypass the securities laws by dubbing their product utility tokens, but Clayton noticed how tokens could be classified. He pointed out that the token used to wash clothes using the concept of a laundry token is not secure.
"But if I have 10 laundry tokens and need to develop a laundry room, they are offered to me for future use and I am buying them because I can sell them to next year's incoming classes. .
Photos of Stan Higgins for CoinDesk
Editor's Note: This article has been updated to point out that Clayton's custody issue is part of the SEC's consideration of cryptographic ETF approval.
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