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With markets going crypto-crazy, SEC chairman weighs in

Photo credit:  BRENDAN SMIALOWSKI/AFP/Getty Images)

Given the crazy run cryptocurrencies like bitcoin, ether and litecoin have been on in the last week, it was only a matter of time before the Securities and Exchange Commission weighed in. Well, now it has in the form of an open letter from SEC Chairman Jay Clayton.

Clayton addresses his comments to both Main Street investors and financial services and market professionals that are selling the new financial products — and he has choice words for both.

The statement yields three main principles. For investors, it’s buyer beware. For market professionals: coin offerings are securities. And for market makers: you may be in violation of U.S. securities laws if you’re not registered with the SEC and selling some of these securities.

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Source: techcrunch.com/2017/12/11/with-markets-going-crypto-crazy-sec-chairman-weighs-in

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