SEC Chairman Jay Clayton: "I want to go back to separating ICOs and cryptocurrencies. ICOs that are securities offerings, we should regulate them like we regulate securities offerings. End of story."
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If that's all it is, how can they possibly make statements like "every ICO so far looks like a security"? Now they're on to the "substance over form" angle. We are left guessing, meanwhile facing threats over possible past mind-reading failures.
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They’ve always been clear that it’s substance over form. Can you share an example or two of a potential “mind reading failure” where an ICO substantively does not look like a security but you’re concerned it will be deemed as such?
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Problem is the bar for substance is subjective, and they have said every ICO looks like a security so we have to wonder about them all, despite our own strong assessment.
Is your own assessment coming from a securities law perspective? There’s pretty bright line guidance about what constitutes a security offering under US law. You may not like the guidance but your feelings don’t change the objectivity. Examples please though.
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It is and we thought we were all clear until the SEC started saying things like “we have not seen any ICO that isn’t a security our view”. That tells us we are way off and now have no basis to judge any tokens.
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