US: SEC, CFTC Cryptocurrency Meeting Continues Existing Regulatory Narrative

The dedicated session involving the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) is taking place Tuesday, Feb. 6. The written testimonies of Jay Clayton and J. Christopher Giancarlo, the chairmen of the SEC and the CFTC respecitvely, have been released to the public.

Cryptocurrency users have reacted calmly to the major meeting of US regulators in which they discussed cryptocurrencies, ICOs and ETFs.

In lengthy testimony already available for viewing, SEC chairman Jay Clayton reiterates concerns about the need to distinguish between ICOs as securities and non-securities, and hints markets remain unprepared for Bitcoin ETFs in the near-term.

Clayton states:

“Investors should understand that to date no ICOs have been registered with the SEC, and the SEC also has not approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies. If any person today says otherwise, investors should be especially wary.”

The path toward the joint discussion with CTFC chairman Christopher Giancarlo has seen both pave the way for ongoing scrutiny of cryptocurrency in US markets.

A co-authored article in the Wall Street Journal outlined both officials’ perspectives on the topic, appearing during the World Economic Forum 2018 in Davos last month.

During that event, politicians and lawmakers from multiple jurisdictions voiced a desire for an international regulatory effort on crypto, something which should take center stage at March’s G20 Summit in Buenos Aires.