SEC Chairman Jay Clayton's testimony before the Committee on Banking, Housing, and Urban Affairs / United States Senate /
February 6, 2018
"There should be no misunderstanding about the law. When investors are offered and sold
securities – which to date ICOs have largely been –they are entitled to the benefits of state and
federal securities laws and sellers and other market participants must follow these laws."
"... many promoters of ICOs and cryptocurrencies are not complying with our
securities laws and, as a result, the risks are significant."
"... we are open to exploring with Congress, as well as with our federal and
state colleagues, whether increased federal regulation of cryptocurrency trading platforms is
necessary or appropriate. We also are supportive of regulatory and policy efforts to bring clarity
and fairness to this space."