November 8, 2017 11:37 PM
On Wednesday, SEC Chair Jay Clayton addressed the PLI’s Annual Institute on Securities Regulation. He delivered a speech entitled “Governance and Transparency at the Commission and in Our Markets,” in which he shared concerns about token offerings and secondary cryptocurrency markets.
On November 8, 2017, Jay Clayton, chairman of the US Securities and Exchange Commission, gave a keynote speech at the Practicing Law Institute’s 49th Annual Institute on Securities Regulation in New York. Clayton dedicated a section of his remarks to token offerings (or ICOs), warning of the “distinct lack of information about many online platforms that list and trade virtual coins or tokens.”
“Through these platforms,” he said, “individual investors can buy and sell tokens in the secondary market using virtual or fiat currencies. But investors often do not appreciate that ICO insiders and management have access to immediate liquidity, as do larger investors,…