RATE Group | SEC Chair Says Bitcoin Is Not A Security
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SEC Chair Says Bitcoin Is Not A Security

08 Jun SEC Chair Says Bitcoin Is Not A Security

Posted at 07:03h in Bitcoin News by

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SEC Chairman Jay Clayton has clarified that bitcoin is not a security. “Cryptocurrencies are replacements for sovereign currencies…[they] replace the yen, the dollar, the euro with bitcoin. That type of currency is not a security,” he said in an interview with CNBC. His assessment is important because the debate around regulation of cryptocurrencies is often focused on their status on securities. (See also: Are There SEC Guidelines On ICOs?)

But Clayton held off on commenting about the case for ethereum and ripple, the second and third most valuable cryptocurrencies, being classified as securities. At a conference in April, former CFTC chairman Gary Gensler had come down hard on XRP and said there was “a strong case” to classify it as a security. (See also: ICO Tokens Are Securities: Former CFTC Chair).

Bitcoin, which has never sought public funds to develop its technology, does not pass the Howey Test used by the SEC to classify securities. 

No Reprieve For…

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