The Chairman of the Commission on securities and exchange Commission (SEC), the U.S. Jay Clayton (Jay Clayton) said that the Agency will not approve the bitcoin ETF as long as there is no problem to manipulate the cryptocurrency market.
“I don’t know a specific way how to solve this problem,” said Clayton. “But it needs to be addressed”.
The Chairman talked during a panel discussion at the conference, Consensus Invest in new York. Clayton explained that retail investors need to see the prices, you can rely on, free from market manipulation. Apart from the fact that while such terms on the cryptocurrency market does not exist, block approval for a bitcoin ETF is the lack of reliable custodial solutions for digital assets.
The Chairman of the SEC emphasized that speaks on its own behalf and not on behalf of the office. In his speech, Clayton touched on a wide range of issues related to crypto-currency, expressing personal opinion. So he talked about the initial offering of coins (ICO), and in particular, whether selling a token sale of the securities.
“If you Finance the company by buying its tokens, you must start with the assumption that this is a valuable paper,” concluded Clayton.
However, the official admitted that in some cases, the status of tokens can be ambiguous. For example, talking about XRP, Clayton said that the sale of tokens Ripple is rather like a sale of the shares. Central to this issue, the Chairman of the SEC called the line between what the company conducting the ICO, telling their potential investors and what they are doing in fact.
Despite the fact that Clayton spoke his name, his words correspond to the Commission’s policy on cryptocurrency issues. So in July of 2017, the Agency has produced a document which indicated that some cases of sale of tokens can be considered as the sale of securities. In addition, SEC still has not given a positive response to applications for registration of various bitcoin ETF.
The story of the registration cryptocurrency exchange-traded funds actively discussed by kriptosmartfon over the last year. The application was filed with the SEC, the company ProShares, Direxion, GraniteShares together VanEck and SolidX (Cboe), Coinbase, as well as the owners of the exchange Winklevoss Gemini brothers (Winklevoss). The most promising among them is the bitcoin ETF Cboe, which the Commission must give 29 Dec. The fact that this Fund, unlike the others, will be provided by physical assets in bitcoin, which gives it a high level of reliability.
According to analysts, if the SEC will give a positive answer even one cryptocurrency ETF, it will mean the legalization of the market, which is waiting for a large company, before you enter it.
