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SEC Chairman Believes ICOs Securities, Presaging Bumpy Future for Offerings

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SEC Chairman Jay Clayton said before the US Senate today that “I believe every ICO I’ve seen is a security.” He elaborated on the differences between digital currency and ICOs, saying “I want to go back to separating cryptocurrencies and ICOs.” Given the overall positive response to cryptocurrencies, Clayton’s ICO commentary stands in stark contrast. ICO promoters should perhaps beware.

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