SEC Chairman Sees ICOs as Securities Offerings

SEC Chairman Sees ICOs as Securities Offerings


Last week, SEC Chairman Jay Clayton spoke at the PLI Annual Institute on Securities Regulation.  Among several other topics, Mr. Clayton made reference to the SEC’s Report of Investigation Pursuant to Section 21(a) of the Securities and Exchange Act of 1934; The DAO.  While talking about Initial Coin Offerings, or ICOs, in this context, Mr. Clayton went off script and stated that he has yet to see an ICO that doesn’t have “sufficient indicia” of being a securities offering.  Mr. Clayton also commented that the trading platforms involved in the exchange of coins/tokens offered in ICOs could face SEC scrutiny and might have to either (i) register as national securities exchanges or (ii) make clear they have an exemption from doing so.


The script for Mr. Clayton’s remarks can be found at here and additional commentary from Mr. Clayton can be found here.

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