SEC Chairman: No need for more securities laws for digital tokens
Securities and Exchange Commission Chairman Jay Clayton doesn't seem to think the U.S. needs additional securities laws to regulate digital tokens, according to his comments on Wednesday at the National Venture Capital Association's annual meeting in D.C.:
If it’s a security, you gotta follow the law. We managed to create an $18 trillion economy following the law, I don't know why we should change the law now.— SEC Chairman Jay Clayton
Why it matters: The industry continues to grapple with regulatory uncertainty and now it seems that further clarity will come in the form of guidance from the regulators (and the courts) on applying the laws rather than new ones.
1 fun thing: "Come nine o’clock at night, sometimes I’m bored I surf the Net, I see these initial coin offerings and, 'Hey, buy the 25% discount today because tomorrow it’s gonna be full value, get in!'—are you kidding me?" said Clayton about a new pastime of his.