SEC Handling Each ICO Based On 'Facts And Circumstances'
Law360 (May 16, 2018, 4:48 PM EDT) -- The U.S. Securities and Exchange Commission will continue to handle cryptocurrency offerings based on a "facts and circumstance" test that judges each case individually to determine whether it's a security subject to SEC regulation, Stephanie Avakian, co-director of the agency's the Division of Enforcement, said Wednesday.
The contentious issue of how ICOs should be defined and regulated was raised repeatedly during a congressional hearing, with members of the House Financial Services Committee seeking clarity from the SEC's top two enforcement officials.
"The question I've been asking is, 'Are they fish or fowl?'" said Rep. Bill Huizenga, R-MI. "But these are sort...
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