SEC seeks to improve blockchain security

Bloomberg quoted two people familiar with the matter on Friday as saying that the SEC had inquired about a number of brokers and asked about their regular business work and how to deal with customers.

According to the report, the main focus of the SEC is on transactions, financing and ICO costs.

Jay Clayton, president of the US Securities and Exchange Commission, said last year that the ICO market is full of fraud and accused many companies of issuing tokens in violation of securities laws.

Earlier this year, the US Financial Industry Regulatory Authority and the US Futures Association made similar comments.

John L. Jacobs, director of the Financial Markets and Policy Center at Georgetown University, said: "They (regulators) are trying to understand the entire ecosystem."

In addition, a report released by UBS on Thursday said that Bitcoin may replace the US money supply, provided that the price of Bitcoin reached $213,000, or that its network processing capacity has increased significantly.

According to the report, "Our survey results show that Bitcoin is too unstable in its current form and is limited in its ability to become a viable payment instrument or a mainstream asset class for global transactions."