SEC on Crypto Currency

– Crypto is considered a utility and not just a speculative product
– Bitcoin, unlike ICOs, is a commodity, not a security.
– Both, the SEC and CFTC chairman are mainly concerned with scam ICOs
– But both want to to enable legitimate biz funding
– The chairmans are working together on preventing scams to protect retail investors
– They concede that further regulation is not necessary
– The regulatory offices have a hiring freeze right now meaning not much manpower available
– Chairman says he does not understand Bitcoin but it could have intrinsic value and not just market demand.
– Chairman of CFTC says that if they had Blockchain Technology in 2008 it would have helped solve some of the problems that lead up to the GFC
– They were yet to distinguish any true name. Blockchain Technology, Distributed Ledger Technology, Cryptocurrencies, Crypto-Assets, Virtual Currencies.
– The US is not interested in Banning Crypto like China or Increase Regulations like South Korea