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- SEC Chairman Clayton just confirmed Commission staff analysis that found Ethereum (and cryptos like it) are not securities.
SEC Chairman Jay Clayton
https://coincenter.org/link/sec-chairman-clayton-just-confirmed-commission-staff-analysis-that-ethereum-and-cryptos-like-it-are-not-securities
- SEC Chairman Clayton just confirmed Commission staff analysis that found Ethereum (and cryptos like it) are not securities.SEC Chairman Jay Clayton
https://coincenter.org/link/sec-chairman-clayton-just-confirmed-commission-staff-analysis-that-ethereum-and-cryptos-like-it-are-not-securities
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View from an attorney
Drew Hinkes, an adjunct professor at NYU Law and Athena Blockchain general counsel, pointed out to Decrypt that the statement merely confirms Claytons position, not that of the Commission. Claytons statement is a staff members statement agreeing with a prior staff members public statement, he said. Although there is political capital necessary to make these public statements, they do not create or establish the law for these topics.
Hinkes added that the statement does at least confirm that there is a system of internal analysis used by the regulator when considering the status of certain instruments. Yet this is not as useful as guidance, rulemaking, a regulation, or a law would be for issuers and leaves startupsand their lawyersunclear as to whether offerings should be structured around these comments.
In other words, were still in the dark.
Drew Hinkes, an adjunct professor at NYU Law and Athena Blockchain general counsel, pointed out to Decrypt that the statement merely confirms Claytons position, not that of the Commission. Claytons statement is a staff members statement agreeing with a prior staff members public statement, he said. Although there is political capital necessary to make these public statements, they do not create or establish the law for these topics.
Hinkes added that the statement does at least confirm that there is a system of internal analysis used by the regulator when considering the status of certain instruments. Yet this is not as useful as guidance, rulemaking, a regulation, or a law would be for issuers and leaves startupsand their lawyersunclear as to whether offerings should be structured around these comments.
In other words, were still in the dark.
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Did Clayton endorse the SAFT framework? (No), industry lawyer Marco Santori summarized in social media comments. Nor did he say that Ether is not a security. Words have meaning, though, and so does diction. Its tough to ignore these letters and everything that goes into them.
