SEC Commissioner Robert Jackson has some strong opinions about cryptocurrency and initial coin offerings.
In a CNBC interview Monday morning, Jackson said his personal view on Bitcoin is that it’s a space “full of troubling developments.” He didn’t elaborate but said his concerns center more around initial coin offerings (ICOs), which are a mechanism for startups or online projects to raise money without selling stock or going to VCs.
“Investors are having a hard time telling the difference between investments and fraud,” he said.
The SEC has been cracking down on fraudulent ICOs in recent months. The agency has targeted ICOs they suspect are raising money for businesses that don’t even exist. It issued subpoenas to firms and individuals behind projects it believes are breaking the law.
“We’ve been doing a lot in the ICO space,” Jackson said. “[SEC] Chairman Jay Clayton has been very clear about this. He said he hasn’t seen an ICO yet that’s not a security. And I’m with him — I haven’t seen one of these yet that’s not a security.”
The cryptocurrency market is still in its “Wild West” phase as regulators try to figure out how to proceed. Clayton has previously said that the majority of ICOs should be registered with the agency because the coins trade on secondary markets like other securities the SEC regulates.
Sign up for Term Sheet, Fortune’s newsletter about deals and dealmakers.
Fortune spoke with Blockchain Capital’s Bart Stephens recently, and he said there is still plenty of regulatory uncertainty when it comes to token issuance. “The SEC has told us a bunch of things that they don’t like, but what they haven’t really told market participants is what is allowable,” he said. “There’s a little bit of ongoing uncertainty, but it’s my hope that they are thoughtful and careful when making these decisions.”
A big part of the uncertainty comes from the fact that many regulatory agencies can’t decide exactly how to define (and in turn, regulate) cryptocurrencies such as Bitcoin. There’s been plenty of debate around whether cryptocurrency assets are commodities, currencies, or securities — and no one seems to be able to agree.
“We are right now focused on protecting investors who are getting hurt in this market,” Jackson said. “And down the road, I think we will be thinking about — I think we should be thinking about ways to make those investments work consistently with our securities law.”
SEC专员Robert Jackson对密码和最初的硬币发行有强烈的意见。在星期一上午CNBC的采访中，杰克逊说他个人对比特币的看法是，这是一个“充满了令人不安的发展”的空间。他没有详细说明，但他说他关心的更多是围绕最初的硬币发行（ICOS），这是初创公司或在线项目筹集资金的机制。不卖股票，也不去VCs。他说：“投资者很难分辨投资和欺诈的区别。”近几个月来，SEC一直在打击欺诈性ICOS。该机构的目标是提高ICOS他们怀疑，甚至不存在的钱。它发出传票，公司和个人项目背后它认为是违法的。“我们一直在为空间做了很多，”杰克逊说。“[秒]董事长Jay Clayton对此非常清楚。他说他还没有看到一个图标而不是安全。我与他，我还没见过这些呢，不安全。”cryptocurrency市场仍处于“狂野西部”的阶段，监管机构试图找出如何进行。克莱顿此前曾表示，ICOS多数应与代理注册因为在二手市场上像其他证券证券交易委员会调控金币交易。签署Term Sheet，幸运的简讯的交易和交易撮合者。财富和资本的blockchain巴特斯蒂芬斯最近，他说仍然有很多监管方面的不确定性，当谈到令牌发放。“SEC已经告诉我们很多自己不喜欢的事，但他们并没有真正让市场参与者是允许的，”他说。“有一点持续的不确定性，但这是我的希望，他们周到细致的做这些决定的时候。”的不确定性很大一部分是因为监管机构无法决定如何准确定义（反过来，调节）cryptocurrencies如比特币。有周围是否cryptocurrency资产商品，许多争论货币或证券，似乎没有人会同意。“我们现在专注于保护投资者进入这个市场的伤害，”杰克逊说。“在路上，我想我们会思考-我认为我们应该让那些投资，我国证券法一贯的工作方式的思考。”
SPONSORED FINANCIAL CONTENT
You May Like