SEC Chair Clayton Affirms Agency’s Stance Ether Is No Longer a Security WBRVvey

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SEC Chair Clayton Affirms Agency’s Stance Ether Is No Longer a Security

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SEC Chair Clayton Affirms Agency’s Stance Ether Is No Longer a Security Vide

Subject: SEC Chair Clayton Affirms Agency’s Stance Ether Is No Longer a Security Wed Mar 13, 2019 6:59 pm

The U.S. Securities and Exchange Commission’s chairman has seconded a colleague’s analysis that found the world’s second-largest cryptocurrency likely does not qualify as a security. Last year, SEC Director of Corporation Finance William Hinman said during a speech that ethereum, the No. 2 coin by market cap, did not exhibit the properties of a security. At the time, he explained that he did not see a central group as being responsible for the cryptocurrency. Congressman Ted Budd – with industry advocacy group Coin Center – asked for clarification on whether SEC Chairman Jay Clayton agreed with Hinman’s remarks. The regulator has now responded by saying he agrees “that the analysis of whether a digital asset is offered or sold as a security is not static and does not strictly inhere to the instrument.” A cryptocurrency may be sold as a security when it is first launched if it meets the definition of an investment contract, but the digital asset may later be sold or offered to consumers without being investments, Clayton wrote in a letter dated March 7, adding: Quote : “I agree with Director Hinman’s explanation of how a digital asset transaction may no longer represent an investment contract if, for example, purchasers would no longer reasonably expect a person or group to carry out the essential managerial or entrepreneurial efforts. Under those circumstances, the digital asset may not represent an investment contract under the Howey framework.” The letter did not mention ethereum by name, however. https://www.coindesk.com/jay-clayton-coin-center-letter

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