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SEC Chairman Gary Gensler Said Most Of Initial Coin Offerings Violate U.S. Securities Laws
Summary: At the Aspen Security Forum on Tuesday, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), believed that the vast majority of initial coin offerings (ICOs) violate US securities laws. Gensler stated that he agreed with what former SEC Chairman Jay Clayton said: "every ICO I've seen is a security." Gensler explained: "Generally, folks ...
At the Aspen Security Forum on Tuesday, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), believed that the vast majority of initial coin offerings (ICOs) violate US securities laws.
Gensler stated that he agreed with what former SEC Chairman Jay Clayton said: "every ICO I've seen is a security."
Gensler explained: "Generally, folks buying these tokens are anticipating profits, and there’s a small group of entrepreneurs and technologists standing up and nurturing the projects. I believe we have a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight."
By Mary Liu
Tags: Gary Gensler,ICO,SEC
Link: SEC Chairman Gary Gensler Said Most Of Initial Coin Offerings Violate U.S. Securities Laws [Copy]
