I’m a huge advocate of a strong regulatory regime in the US. Clarity on rules is key. An open dialogue with market participants is crucial. US markets are the most liquid, offer investors the greatest legal assurances, and are the most important in the world. Blockchain is new. It will require an adjustment and spirit of cooperation from all parties. I have no doubt that over time America will foster innovation, safeguards and prosperity as a global leader in this vitally important new space.

Excerpts from the SEC:

“The world’s social media platforms and financial markets are abuzz about cryptocurrencies and “initial coin offerings” (ICOs).

The cryptocurrency and ICO markets have grown rapidly.  These markets are local, national and international and include an ever-broadening range of products and participants.  They also present investors and other market participants with many questions.

Is the product legal?  Is it subject to regulation, including rules designed to protect investors?  Does the product comply with those rules?

Is the offering legal?  Are those offering the product licensed to do so?

Are the trading markets fair?  Can prices on those markets be manipulated?  Can I sell when I want to?

Are there substantial risks of theft or loss, including from hacking?”