In today’s reality, for approval cryptocurrency exchange traded funds (ETFs) is not possible, due to the problem of market manipulation. This statement was made Chairman of the securities and exchange Commission (SEC) Jay Clayton.
“I’m not ready to say exactly how the problem of manipulation will be solved, but it requires a decision. The prices that retail customers receive is the price they should be able to rely on, free from manipulation. Not free from volatility, but free from manipulation,” he explained.
However, the head of the us regulator noted that it is his personal opinion and do not reflect the policy of the Department. In addition, Clayton drew attention to the classification of tokens as the securities during their distribution through the ICO.
“If you are financing your company using the sale of tokens, you should assume that this is a valuable paper,” he said.
Thus, according to the head of the SEC, in some scenarios, the determination of the status of the token may not be such a straightforward task. Speaking of crypto-currency startup Ripple and its XRP token, he said that “certain items require more information”, but did not go into details.
On the other hand, “in many cases the answer is obvious.”
“I sell you my token. I plan to open a business, and you hopefully will receive a profit from the purchase of this token,” added Clayton.
We will remind that earlier, with the opposite statement was made by one of the five SEC commissioners Hester pierce, expressing the view that the approval of the us regulator bitcoin ETF is possible. However, it was also her personal opinion.