Some notes from the meeting
At present the SEC does not have the ability to regulate currency and commodities trading and transactions.
Clayton stated that the majority of ICOs he has seen basically involve the sale of securities. This would then mean that they fall under jurisdiction of the SEC. He cites the case of the DAO ICO. Those who are selling blockchain-based securities in the U.S. must register with the SEC unless there is a valid exemption.
Clayton address the disturbing trend of companies that are traded publicly their names and business models to cash in on the blockchain frenzy.
Clayton agreed that technological innovation can drastically improve markets via “increased competition, lower barriers to entry and decreased costs for market participants.”
Clayton finished with
…we should embrace the pursuit of technological advancement, as well as new and innovative techniques for capital raising, but not at the expense of the principles undermining our well-founded and proven approach to protecting investors and markets.