US SEC Chairman Reiterates Their Intention to Clean Up the Crypto Market, Protect Investors
Jay Clayton, the chairman of the U.S. Securities and Exchange Commission (SEC), has reiterated that they are focusing on the cryptocurrency market. In a recent speech he gave, he provided information about the main focuses that the regulatory agency currently has.
SEC Focuses on the Crypto Market
Mr. Clayton said that there is a way to be compliant with the federal securities laws, suggesting that firms must follow the rules.
On the matter, he commented:
“In the digital asset space, the Division of Enforcement has brought cases that demonstrate that there is a path to compliance with the federal securities laws going forward, even where issuers have conducted an illegal unregistered offering of digital asset securities.”
In the last years, there have been launched many Initial Coin Offerings (ICOs) that didn’t follow and comply with securities laws in the country. Due to this reason, the SEC has been taking enforcement actions against digital currency firms that were not regulated and following securities laws in the country.
Clayton shows that the agency is committed to improving compliance in the space in all the country. Earlier this month, the Securities and Exchange Commission released guidance on determining whether some digital assets are investment contracts or not. Moreover, they informed that the TurnKey Initial Coin Offering was not considered a security.
Around the world, there are several jurisdictions that are also trying to control the market and find a better way to regulate digital currencies and blockchain technology. One of the main things that the market is asking the US SEC is to approve a Bitcoin exchange-traded fund in the near future. With it, many investors would be able to have access to the virtual currency market.