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SEC Chair Clayton: Crypto ETF needs exchanges ‘free from manipulation’

On Tuesday, the chairman of the Securities and Trade Commission of the United States stated that unless the concerns over the manipulation of the market have been addressed to, he does not see any path to the ETF approval of the crypto-currency.

During the Invest Conference of the CoinDesk, Consensus, the chairman, Clayton stated that he does not have a particular path as to how the issue of manipulation gets addressed but the issue has to be addressed before the approval of the ETF.

He further stated that the prices which retail investors are seeing are the ones they are relying upon and they must rely upon and these prices should be free from manipulation but not volatility but definitely manipulations.

Source: i-invdn-com.akamaized.net

The appearance of Clayton at the conference was moderated by Glenn Hutchins who is an investor.

The chairman also clarified that he was saying this in terms of the personal capacity and not on part of the agency.

He was asked question related to the Initial Coin Offerings that which tokens constitute the securities to which he answered saying that if someone finances in a venture with a token offering then one must begin assuming that it is a security.

However he further clarified that in certain instances the status of the token is not clear.

Source: i-invdn-com.akamaized.net

He added to this that the answers to some of these questions require a huge amount of information. He even said that most of the scenarios are very obvious.

Clayton stated that he is selling the public his token and he’ll go off to produce a venture and he hopes that the public will earn returns for purchasing the tokens.

Clayton, the chairman of the Securities and Exchange Commission of the United States was also asked questions related to the the two startups in crypto both of which had their ICOs.

Source: CoinDesk, Investing

 

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Written by Ketakee Srivastava

I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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