The representatives of the Securities and Exchange Commission claim that some exchanges of digital currencies, which are to adhere to the SEC, are quite reluctant to do so.
The Commission is sure that the cryptocurrency market requires more regulation. The SEC’s representative commented on the situation during an interview with CNBC by saying:
“If you want to know what our markets would look like with no securities regulation, what it would look like if the SEC didn’t do its job? The answer is the ICO market.“
He also added that the SEC is protecting people from investing into potentially dangerous projects which could turn out to be scams and disappear with all the money collected.
Attempting to regulate all the tokens from various ICO-projects turned to be a difficult task, since the coins are not easy to classify and systemize.
We also want to point out that the Commission plans to regulate only the assets which are considered securities. In simple words, those are assets which are invested into and later bring profit to their investors. According to the commissioner Jay Clayton, based on such logic, most ICO tokens make it to the list of securities, while Bitcoin is left out.
We will keep monitoring the situation with the US cryptocurrency exchanges and how the regulation will influence their operation.
We remind you that SEC uncovered a $21 Million ICO scam project.