RATE Group | SEC Chairman Jay Clayton Says Bitcoin Not a Security, Most ICOs Likely Are
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SEC Chairman Jay Clayton Says Bitcoin Not a Security, Most ICOs Likely Are

06 Jun SEC Chairman Jay Clayton Says Bitcoin Not a Security, Most ICOs Likely Are

Posted at 18:03h in Bitcoin News by

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Jay Clayton, the chair of the US Securities and Exchange Commission (SEC), believes that Bitcoin (BTC) is not a security since it acts as a replacement for sovereign currencies, CNBC reports today, June 6.

Clayton, when speaking about the “incredible promise” of distributed ledger technologies driving efficiencies in markets, clarified during today’s CNBC interview his thoughts on cryptocurrencies that are “replacements for sovereign currencies:”

“Replace the dollar, the yen, the euro with Bitcoin. That type of currency is not a security.”

While Clayton did not comment on specific assets besides Bitcoin about their status as securities, he went on to explain that what he considers to be securities are tokens that act as digital assets:

“Where I give you my money and you go off and make a venture […] and in return for me giving you my money, you say, ‘You know what, I’m going to give you a return.’ That is a security, and we regulate that. We regulate the…

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