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24 October 2020

Cryptocurrency ETFs: SEC Wants to Facilitate Tokenized Products | Regulation Bitcoin News

Cryptocurrency ETFs: SEC Wants to Facilitate Tokenized Products | Regulation Bitcoin News


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SEC Chairman Jay Clayton talked about the commission’s approach to regulating crypto products during a panel discussion hosted by the Chamber of Digital Commerce earlier this month.

Clayton pointed out that the utility of the token is what decides which regulator should take the lead.

Clayton claims that the SEC’s regulatory framework “is time tested … through many innovations.” Noting that trading today is electronic and traders use digital entries rather than stock certificates like they used 20 years ago, he asserted, “It may be very well the case that those all become tokenized.” However, the chairman warned, “But you have to stay true to the principles,” adding that stock issuers and insiders, for example, all have responsibilities.

“If you’re not trying to finance your network, you’re not trying to give people a return on your network, it’s probably not a security,” the SEC chairman clarified.

“But if what you are trying to do is finance the build out of your network with your token or provide people with a return for using the network with your token … it’s pretty clear it’s a security.” He added, “we are working to make it clear where those lines are so people can mature the payment system.”.

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