Clayton’s position was disclosed in a letter to US House of Representatives Ted Budd, who had previously asked the SEC to provide clear information about what SEC’s head of finance, William Hinman, previously published. Remarks - Ethereum is not a kind of securities - is to speak on behalf of the institution, or his personal point of view.
Clayton did not mention the name of Ethereum or any other cryptocurrency in the reply, but he confirmed that he agreed with Hinman's analysis of which crypto assets belong to the securities category.
In a key part of this reply, he wrote:
"Your letter also asked me if I agree with some of the statements made by Hinman in the June 2018 speech about digital tokens. I agree that the analysis of whether digital assets are offered or sold as a security is not static or strict. Limited to the tool itself. Digital assets can initially be sold as a security because it meets the definition of an investment contract, but over time, if digital assets are later sold in ways that no longer conform to the definition, this definition may Change.
I agree with Hinman's explanation that the digital asset transaction no longer represents an investment contract. For example, if the buyer no longer reasonably expects a person or a group to carry out the necessary management or entrepreneurial efforts, then this digital asset transaction will No longer represents an investment contract. In this case, digital assets may not represent an investment contract under the Howey framework."
No comments:
Post a Comment