This story comes direct from the Security and Exchange Commission (SEC) and surprisingly, they yet again say something positive about crypto. This time, more specifically regarding initial coin offerings. Jay Clayton, chairman of the SEC said said “I believe that Initial Coin Offerings can be effective ways for entrepreneurs and others to raise capital”. This is honestly maybe one of the most positive statements we’ve heard from the chairman of the SEC. It’s no official document, by any means, but this is not nothing, and this news we would not have heard six months ago. And it’s interesting because this little piece of positive news comes from a slew of positive things we’ve heard specifically from the SEC, just recently over these last three to six weeks.
You may or may have not have remembered that we reported that the SEC, in the last three or six weeks, have gone on Bitcoin podcast, have gone to cryptocurrency conferences, these things that do not have to do and put in perspective in a speech that was not about cryptocurrency but just about SEC’s progress in this last year and what they plan to do next year. They mention crypto and they mentioned it in a positive light. It’s a little bit of a green flag, there’s a caveat though. Obviously, it’s not all roses, he says that, however, he added that securities rules must be adhered to where appropriate. On the surface, this seems obviously he should say that. But again, it’s this problem that we’ve always had, trying to put a square peg in a round hole.
Trying to get cryptocurrency to adhere to regulations that were established in 1929, before the internet and before crypto. So, nothing has really changed, just to back up the regarding SEC, Jay Clayton also said in a direct quote, “the novel technological nature of an initial coin offering does not change the fundamental point that when security is being offered our security, laws must be followed hard to do when they were invested in 1929. All in all, positive statement. Let us end this with this little green flag, the chairman further said; that “the SEC and its staff have spent a significant amount of time focusing on blockchain and crypto assets and that, and that is the trend that he expects to continue in the upcoming year. What this is saying is that, from the SEC’s unofficial point of view, Bitcoin and crypto will have a future.