This included courses on crypto finance, blockchain technology, SEC Chairman Jay Clayton said it well when he testified in “To the. In addition, the range of sophisticated products around crypto-assets expanded, with a growing portfolio of exchange-traded funds (ETFs),6 investment funds. Jamie Dimon at the World Economic Forum in Davos, Switzerland, in legitimize them — and that could threaten the finance industry. NUGGETS GAME 4

Good-faith actors have been speculating on the value of gold and silver for thousands of years. This asset class is rife with fraud, scams, and abuse in certain applications. First, many of these tokens are offered and sold as securities.

In the s, Congress established the definition of a security, which included about 20 items, like stock, bonds, and notes. One of the items is an investment contract. The following decade, the Supreme Court took up the definition of an investment contract. Further, this is but one of many ways we determine whether tokens must comply with the federal securities laws. I believe we have a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight.

This leaves prices open to manipulation. This leaves investors vulnerable. Over the years, the SEC has brought dozens of actions in this area, [8] prioritizing token-related cases involving fraud or other significant harm to investors. Moreover, there are initiatives by a number of platforms to offer crypto tokens or other products that are priced off of the value of securities and operate like derivatives. These products are subject to the securities laws and must work within our securities regime.

The world of crypto finance now has platforms where people can trade tokens and other venues where people can lend tokens. I believe these platforms not only can implicate the securities laws; some platforms also can implicate the commodities laws and the banking laws. A typical trading platform has more than 50 tokens on it. In fact, many have well in excess of tokens. Moreover, unlike other trading markets, where investors go through an intermediary like the New York Stock Exchange, people can trade on crypto trading platforms without a broker — 24 hours a day, 7 days a week, from around the globe.

Make no mistake: To the extent that there are securities on these trading platforms, under our laws they have to register with the Commission unless they meet an exemption. Make no mistake: If a lending platform is offering securities, it also falls into SEC jurisdiction. These stablecoins are embedded in crypto trading and lending platforms. How do you trade crypto-to-crypto?

Usually, somebody uses stablecoins. In July, nearly three-quarters of trading on all crypto trading platforms occurred between a stablecoin and some other token. This affects our national security, too. Further, these stablecoins also may be securities and investment companies.

To the extent they are, we will apply the full investor protections of the Investment Company Act and the other federal securities laws to these products. The final policy area has to do with custody of crypto assets. The SEC is seeking comment on crypto custody arrangements by broker-dealers and relating to investment advisers.

Certain rules related to crypto assets are well-settled. The test to determine whether a crypto asset is a security is clear. See the agenda Why investment management CEOs attend The most senior gathering of industry leaders. This is a unique opportunity to create partnerships that will drive the growth of your firm. Bring your top team to join our unmatched community of leaders to find solutions to unique and shared challenges.

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