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SEC Chairman Jay Clayton On Cryptocurrencies And Investing | CNBC

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SEC Chairman Jay Clayton speaks exclusively with CNBC's Bob Pisani about the state of investing, the future cryptocurrencies, the IPO market and cybersecurity. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC SEC Chairman Jay Clayton On Cryptocurrencies And Investing | CNBC
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Text Comments (269)
mow940 (1 day ago)
Jay the menace, are you going to define the total use cases of what blockchain is going toe used for ? Sorry you will not be able t control that with all your might. Get lost.
mow940 (1 day ago)
The only reason he is holding off the decision on XRP is to scare the average investors away and get his buddies cheap on XRP . Good job Clayton.
mow940 (1 day ago)
Jay Clayton looks like a Satan when he smiles.
mow940 (1 day ago)
Mr Jay Clayton should be fired for saying 'No Comment' Nobody needs your help. Your organization needs to be thrown out of existence.
Johnny G (2 days ago)
This guy is a centralized thinker in a decentralized community. I will move to ANYTHING that is not centrally controlled. You do not belong in this space. Wanker.
jovanbiljon (2 days ago)
All this time I thought the SEC inhibited the 19 Trillion dollar market. I didn't know they built it!
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Robin (8 days ago)
Jason Bateman
Matrix Dweller (8 days ago)
lmao, ipo market is dead because of this guy. keep his fop hands off our ico's
Matrix Dweller (8 days ago)
Is eth a security, uhh umm uhh ummm. gtfo of here fop.
Matrix Dweller (8 days ago)
He wont have his job much longer.
Blockchain Assets (9 days ago)
New word for today ‘Regsplaining’ = saying nothing helpful using words couched in legal terms referenced to laws that are inadequate for their purpose https://www.blockchainlegal.com.au/single-post/2018/06/12/New-word-for-today-%E2%80%98Regsplaining%E2%80%99-saying-nothing-helpful-using-words-couched-in-legal-terms-referenced-to-laws-that-are-inadequate-for-their-purpose
bindlepunk (10 days ago)
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
virtualbureau.de (10 days ago)
He is just an arrogant hypocrite, what they consider today as legal on stock markets would have been a crime punished with jail few decades ago. He is talking nice eloquent crap.
Mert denim (11 days ago)
This guy has no idea
Philo 918 (11 days ago)
Feels like he is super cable of doing his job.
Fernando Rojas (11 days ago)
What happen when a token is classified as a security? Is it a good thing or bad thing
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...
mustaf (12 days ago)
Regulating ALL ICOs as SECURITIES is the right thing to do
Phil Davis (12 days ago)
We are going to trade crypto regardless of what any gov body in the US says or any nation. Its over buddy - you lost.
Phil Davis (12 days ago)
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
ken ken (12 days ago)
he clearly underestimates the power of EOS and crypto as a whole. China will dominate the world mark my words
BizSpot (12 days ago)
The amount of propaganda in this comment section that is anti-us is way too high.
Crypto Kidd (13 days ago)
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.
IRL Server (13 days ago)
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.
Xavier Clark (13 days ago)
I love how he explained how 50% is a half. Who would of thought!
Eddie3074 (13 days ago)
Is everyone going to pretend this interview wasn't taken in a break room? why not in the bathroom?
Gowtham V (13 days ago)
Quarkchain the SEC is coming for you. Lol.
Orlando Newman (13 days ago)
The dinasours will be replaced lol
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Dr Bob Gregson (13 days ago)
I invested 2.08 btc at ([email protected]) and I just received 3.09 bitcoins today which is just within 5 working days. This is my second investment and it is really nice.
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Mark Al (13 days ago)
Jay does not know what he is talking about..
Mark Al (13 days ago)
SEC rules are old
OBJEX ONE (13 days ago)
everyone better sell your security tokens and buy btc monero etc
cannedpixels (13 days ago)
I'm a retail investor, paycheck to paycheck. I feel threatened by the SEC, not protected.
Ant Farmer (13 days ago)
Did he say BTC was ment to replace fiat currencies? Since when?
jason618 (13 days ago)
Notice that he keeps saying our investors. That's not including any average American. This is how socialized wealth works people, watch and learn how you are being screwed over.
Zach Katkin (13 days ago)
This seemed totally scripted and sec guy kept forgetting the script... Love the way he says "dark web" and hacking twice... Very sensual.
Truce (13 days ago)
I am a Crypto Comedian and i watched this.
ruho Saq (13 days ago)
this guy is so fired for spilling the beans
catcat (13 days ago)
such is life for the burger bros
Bamm Bamm (13 days ago)
What was that sound? Oh...it's innovation leaving the US for crypto friendlier countries for their ICO
L 05 (13 days ago)
Should I sell all of my alts and put it all on bitcoin????!?!?!??
Randy Hoffman (13 days ago)
L 05 yes or bet on xrp or eth quickly the outcome will make a mooner fer sure do it!!!
Elizabeth Mapplebeck (13 days ago)
"we are not going to do any violence" What the heck? Why would he use that word? AT least this was a good interviewer.
Elizabeth Mapplebeck (13 days ago)
yeh, they built a 19Trillion market that is collapsing as we speak. It is starting now in UK and then Italy and US is not far behind. I don't like this guy one bit.
Crypto Granny (13 days ago)
☘️☘️too right .. I feel the same and saw right through him ☘️☘️ call it intuition 💚💚 roll on Crypto Currency 💚💚Crypto Granny U.K.and Ireland for my grand children’s future
Yopi Sutedjo (13 days ago)
We don’t need SEC.
Y K (13 days ago)
Ico gives ability for some one with out a bank to invest, in what he believes in. just regulate who offering the ico who they say they are.
Howard Lee (13 days ago)
Just one of too many dorks in government.
Fractal Mandelbrot (13 days ago)
What a douchbag
BUY BITCOIN! (13 days ago)
XRP and ETH are definitely securities.
Ryan Wood (13 days ago)
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
TON 618 (13 days ago)
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.
NewsUNIT (13 days ago)
[2:01] Cryptocurrencies....SECURITIES....[3:55] ALT COINS...
James York (13 days ago)
Awesome! 15mins of absolutely nothing!!!
omri perl (13 days ago)
Good news, disgusting guy
omri perl (13 days ago)
This is huge
Daniel Dale (14 days ago)
Why is this guy blatantly lying?
Cj James (14 days ago)
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
Ryan Wood (14 days ago)
Will innovation die here? Icos need to become their own classification
Ryan Saunders (14 days ago)
Great interview Jay!
benner street (14 days ago)
We are going to be behind in technology in the us because of people like him.
benner street (14 days ago)
Sec is confused on crypto. He looked on fused on certain answers.
ROGER BANNERMAN (14 days ago)
"We've been doing this a long time" keeping sheep, sheep. While protecting the wolves
Robert Russell (14 days ago)
"Transparent" bye bye Monero, Zcash, Pivx & Deep Onion...Maby Verge too lulz
Raven Fire (14 days ago)
Did the head of the SEC just call utility tokens securities?
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alex max (14 days ago)
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martins shawn (14 days ago)
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Jones Cain (14 days ago)
Wow Mr Collins's mining pool must be so nice, how does it work? I have a blockchain wallet, can i mine directly into it?
Patrick Colangelo (14 days ago)
why should anyone have the right to tell me how I can spend my money
Jeremy Hileman (9 days ago)
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.
Prudent Student (11 days ago)
Patrick Colangelo (14 days ago)
Why is it ok to spend my whole paycheck on lottery tickets but I can't get into ico's. We are not smart enough to buy into ico's but we are smart enoug to buy lotto tickets. Makes sense to me
Patrick Colangelo (11 days ago)
I don't think you got what I was getting at. Why should the sec have the right to say what I can and can't do with MY OWN MONEY
BizSpot (12 days ago)
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.
John Smith (14 days ago)
It really feels like America is falling behind in almost every sector.
waykiwayki (14 days ago)
All the SEC can do is ban USA based ICOs - so what - they just move to Malta or Zurich.........blockchain tech is borderless.....people can use VPNs and DEXs.....it's check mate.
Crypto Granny (13 days ago)
☘️☘️ 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 💚💚
Bob Bigboy (14 days ago)
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!!!
Sienna_88 (14 days ago)
what a dope ! seriously, this guy is the chairman of the SEC? if they deem xrp or ether as securities, the attorneys will have a field day with these clowns
Rank In Social (14 days ago)
If he says "weve been doing this a long time now" one more time lol
David Wisdom (14 days ago)
Most good ICO projects will leave the US. That will force them to change the laws.
Robert Tudjina (14 days ago)
So, BitcoinLatina is Currency and not Security :) Read Compliance at bitcoinlatina.org
OSR 1 (14 days ago)
So is Ripple and Ethereum a security or not lol ?
Randy Hoffman (13 days ago)
Yeah you heard the guy, passed by BTC and eth quickly and pressed hard about XRP! My friends are all asking!!
takeover08 (14 days ago)
OSR 1 these jackasses couldn’t answer a simple question if their lives depended on it. Probably buying up hundreds of thousands if not millions of tokens behind the scenes
NC Styles (14 days ago)
I lost $700 in crypto currency. 🤦‍♂️
FlightRobXIII (14 days ago)
This guy has two first names. All douches have two first names.
Anonymous (14 days ago)
Couldn't his definition of securities apply to all currencies as well?
Hainezy (14 days ago)
They can come pry my utility tokens out of my cold dead fingers.. dbag
quoc (14 days ago)
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
Jay is a tool of the old white american men that will do anything to maintain their power
juyhhkj itth (13 days ago)
Marlon Jones. Bulls On DA Block (((white men)))
CloseOne (14 days ago)
So my NXS is safe?
davenetdog (14 days ago)
Oh not confusing at all. So they (SEC) can't regulate Bitcoin so its garbage? But they regulate Tokens and they are Okay? WTF?
Somi Gobvonad (14 days ago)
He’s weird af
Chris Wood (14 days ago)
Deep state criminals
Judy Jetson (14 days ago)
this guy is creepy.
Rodney Mcshane (14 days ago)
What a wanker this guy is.. Need attention much..
jonny boy (14 days ago)
these guys people
James Amous (14 days ago)
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
Ryan Duke (14 days ago)
I wish I was as wise as Jay!!!!
John Smith (14 days ago)
I saw very little wisdom here.
EduardoKicks (14 days ago)
Bull market here we go
Trew Skye (14 days ago)
No one ever even responded to my hacking complaint.....I must not pay enough taxes?
trey trey (14 days ago)
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.
Personal Account (14 days ago)
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.
whitey bulger jr. (14 days ago)
These are the same people who turned a blind eye to Bernie Madoff
Jason Tupper (9 days ago)
They're literally the fox watching the hen house.
Tuna Fish (12 days ago)
whitey bulger jr. 😂😂😂
whitey bulger jr. (14 days ago)
There job is to make sure investors arent defrauded... What a joke. They just want to make sure there bosses are doing the fraud.
Johnny G (2 days ago)
whitey bulger jr. You got it.
Jp Highbaugh (14 days ago)
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.
Crypto Granny (13 days ago)
☘️☘️well said my friend ☘️☘️.. this guy is behind the times ☘️☘️ onwards and upwards Crypto Granny UK and Ireland

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