SEC Chairman Jay Clayton speaks exclusively with CNBC's Bob Pisani about the state of investing, the future cryptocurrencies, the IPO market and cybersecurity.
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SEC Chairman Jay Clayton On Cryptocurrencies And Investing | CNBC
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New word for today ‘Regsplaining’ = saying nothing helpful using words couched in legal terms referenced to laws that are inadequate for their purpose
Reasonable thoughts from the chairman here. Agree or disagree with the SEC and the idea of regulation, you shouldn't ever expect that they're going to treat these not as securities. They're securities.
I wish there weren't so many people trying to buy these scam ICOs or the issue wouldn't even come up lol
How on earth can you say earnings made on a secondary market make all cryptoassets securities? does that mean if i buy some cheap items at a yard sale and sell it for a profit on craigslist...it's a security? the US is falling behind on this...new tech, new market, new global economy...= time for new rules not the same ole Howie test with anchoring bias. You approach them looking for one way to justify them as securities youll find it...likewise if you approach them otherwise some are securities, some currency, some commodity, and some are utility...just lay low and let it grow. not even a trillion dollar market...
Before the internet there were laws in advertising, about content, delivery etc etc - then came the internet. Did these laws go unchanged? This SEC Chairman chap reckons the laws will not be changed because he has been using them a long time. Surely he speaks in jest. LOL Dino's gunna dino - and have a look at that smug face - come back in 5 yeas and I can grantee you he will not be the Chairman of any self respecting financial org
The thing is, if the token/coin you purchase at ICO stage, can be used to purchase a product or service in the companies ecosystem, then in fact it can't be classed as a security. In most scenarios identifying whether people bought into a specific project for the sole purpose of profit or to purchase a license, product or service is subjective, so it seems to me that true regulation of ICO's is next to impossible.
When you hear him talk about crypto he makes no sense, he clearly has no idea what he's doing - or he *knows* there's nothing he CAN do. Asking people to pre-register their ICOs with the SEC makes no sense.
They are only securities if you go through the SEC, the definition is completely circular.
SEC need to pull their head out and stop living in the past. Will the US really risk being left behind while the rest of the world save up to 70% on cross border payments? Really? Pretty soon it'll be faster for the US to fly payments overseas. Current securities are going to be tokenized and it only makes sense. The blockchain world will end up leaving the US behind... DIGITAL ASSET INVESTOR
People if you want to get rid of parasites like this it's very simple, start using their money (dollars, euro, pounds, etc) That's where their power comes from. Stop using them and these clowns become irrelevant. Cryptocurrencies are there to make you irrelevant. Who knows Jay maybe in the future you will have to look for a real job instead of being a parasite trying to enslave the American public.
we re in 2018 lets not make the same mistake we've made with our educational system in the financial market. rules and regulation must change with time. example. rules and regulation for autonomous vehicle should not be the same as on man vehicle
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and Banks in Canada will not allow you to spend your hard earned money on crypto (sending to exchanges by electronic funds transfer for example- or credit cards refusing crypto transactions as well) but you can go get drugs, alcohol, lottery tickets - no one tells me where I can spend my money. I earn it. I can burn it.
Lottery tickets aren't a security that is regulated by the SEC. Do you know what SEC stands for? It's the fact that ICO are presented as a opportunity to make money when people adopt the currency, they aren't a business with tangible assets and operations that produce a return for the investors. They only make money when people buy and the prices go up.
☘️☘️ this man does not seem to understand the power of Blockchain and Crypto currencies !! He was constantly giving standard answers ( like politicians do) ... he appears to have a mind set on not wanting to accept the huge technological changes taking place under his nose . This is because he has no control over it !! ☘️☘️ does anyone agree with that ? ☘️☘️Crypto Granny UK and Ireland ... oh and one other thing the older generation are embracing Bitcoin ☘️☘️ from one who knows 💚💚
So when a BIG bank calls something a "SWAP" it isn;t insurance because they called it a SWAP. But when something is called an ICO you look at the characteristics and not the name. This guy is a moron!!!
We don't need regulation... crypto can regulate our selves over time by integrating investments through smart contracts where investment funds only will be lease to projects according to their roadmap and production of the product they are producing
F*** the sec, if people wanna invest in s***coins w/out doing research and lose their money it’s their own fault, get onboard or get ran over CFTC AND SEC, smart people will invest in good projects with promising futures and great fundamentals and make money... way I see it they are saying everything except bitcoin is a security.... their friends get the ipos but we can’t get icos... smh
There are going to be a lot of alt coin bag holders after this ruling. Bitcoin (BTC) is going to fly soon; buy, hold and just be patient.
95% of ICO/tokens/altcoins are securities that will be moved out of the crypto market in the U.S. and maybe 93% of them will be placed with the penny stocks in the OTC (Pink Sheets) Markets, only 2% of them will be listed on Nasdaq and NYSE. The rest of the world will follow the U.S. and Hong Kongs lead, Hong Kong by the way already considers alt coins/ICO's securities, the U.S. just made that regulatory wave even greater and the rest of the world will follow because it's right. Alt Coins/ICO's are securities and over 90% of them scams/shell companies that are ripping a lot of people off because they by pass listing their companies with countries economic regulatory bodies that are similar to the SEC, preferring to issue alt coins/tokens to investors they have scammed knowing that they are shell companies taking advantage of the crypto-currency craze and peoples ignorance and desire to get rich quick.
After those shell companies/Ico's and their alt coins/tokens get removed from the U.S. and global crypto markets, 75-80% of that money will flow back into Bitcoin (BTC); the other 20% - 25% of that money will flow into Litecoin, Ethereum, Bcash, and Ripple and any other crypto currency remaining after the dust settles.
Jay Clayton is such a joke. “Protecting investors” yet they let every Chinese firm list in the USA so nyse and nasdaq and all the other I banks market participants can get their cut meanwhile the companies are engaging in earnings fraud and us investors lose their capital.
if you have been doing this along time and dont plan to change the laws when clearly the landscape has changed, your a dinosaur and your old laws will cripple growth in a thriving innovative new market, thanks JAY!!!, and im an electrician and have been for 15 years, and i want to be able to spend MY VERY HARD EARNED MONEY WHEREVER I WANT TO!!!!!!!!!! i dont need to be an accredited investor to spend $100 on a company i believe in.
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