Official SEC statement on cryptos and ICOs

Jay Clayton, Chairman of the SEC, released a formal letter concerning cryptos. This is a pretty big deal from a regulatory standpoint because it gives a good approximation for how the SEC is likely to approach enforcement of securities law in crypto, which will be watched closely by other regulatory bodies. He addresses two core constituencies, "main street" retail investors and market professionals, urging caution and advising conservatism respectively. On the whole, Clayton's statement is surprisingly well-considered and generally positive: 

I believe that initial coin offerings – whether they represent offerings of securities or not – can be effective ways for entrepreneurs and others to raise funding, including for innovative projects... The technology on which cryptocurrencies and ICOs are based may prove to be disruptive, transformative and efficiency enhancing. 


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