Jay Clayton, the chairman of Securities and Exchange Commission declared during recent Senate hearing that he believes every ICO is a security. Later, during the same hearing, he confirmed that not a single ICO – past or present, has been registered with the SEC which, according to Clayton, constitutes a violation of the law.
Replying to a question from Senator Sherrod Brown from Ohio, who pointed out that billions of dollars have been risen via ICOs and asked how much of that amount originated in the USA, the chairman was unable to come up with a specific number.”I imagine, Senator, a significant enough portion that we should be paying attention,” he said.
“ICOs that are securities offerings, we should regulate them like we regulate securities offerings. End of story,” he pronounced.