US SEC says securities law will not change to cater to cryptocurrencies

The Chairman of the Securities and Exchange Commission (SEC) has said the agency will not be adjusting the definition of what is deemed a security to suit the cryptocurrency community.

Speaking to CNBC last week, Jay Clayton said that the SEC will not change its approach to securities regulation to take account of cryptocurrencies.

Reiterating what he had already explained on other occasions, Clayton added that be believes that most initial coin offerings fall within the definition of securities.

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