So, is Bitcoin and Ethereum Securities?

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Apparently, the answer at least in the eyes of the US Securities and Exchange Commission is NO!

William Hinman, SEC’s director of corporate finance, gave this announcement in a speech where he said decentralised cryptocurrencies like Bitcoin and Ethereum should not be regulated as securities.

This is a win for the cryptocurrency industry, which doesn’t want to be regulated like stocks and bonds.

“The network that Bitcoin functions on is operational and appears to have been decentralized for some time, perhaps from inception.

Iqbal Gandham, the UK managing director of eToro and the chairman of the trade association CryptoUK, welcomed Hinman’s comments.

“This is the latest in a series of events which demonstrate how cryptos are pervading mainstream thinking. What is striking is the in-depth discussions that have clearly gone on behind the scenes, especially around the implications of ICOs,” Gandham said in a statement.

SEC’s chairman Jay Clayton said they see bitcoin as “a pure medium of exchange”, not a security.

 

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