SEC chairman: Cryptocurrency tech may prove to be 'disruptive'
SEC chairman Jay Clayton released a public statement on cryptocurrencies and initial coin offerings, saying that while there are "tales of fortunes made and dreamed to be made," the SEC is hearing the familiar refrain, "this time is different." "We at the SEC are committed to promoting capital formation," Clayton said. "The technology on which cryptocurrencies and ICOs are based may prove to be disruptive, transformative and efficiency enhancing. I am confident that developments in fintech will help facilitate capital formation and provide promising investment opportunities for institutional and Main Street investors alike. I encourage Main Street investors to be open to these opportunities, but to ask good questions, demand clear answers and apply good common sense when doing so. When advising clients, designing products and engaging in transactions, market participants and their advisers should thoughtfully consider our laws, regulations and guidance, as well as our principles-based securities law framework, which has served us well in the face of new developments for more than 80 years. I also encourage market participants and their advisers to engage with the SEC staff to aid in their analysis under the securities laws." Reference Link BTC BITCOIN