SPEECHES & TESTIMONY

Giancarlo Commends SEC Chairman Clayton on ICO Statement

December 11, 2017

Washington, DC — Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo issued the following statement commending Securities and Exchange Commission (SEC) Chairman Jay Clayton’s statement on initial coin offerings:

    “I commend SEC Chairman Clayton on his strong statement encouraging professional market participants and the retail investors they serve to recognize risks and legal responsibilities they have regarding cryptocurrencies and initial coin offerings. I have said consistently that virtual currencies are unlike any commodity that the CFTC has dealt with in the past, and I know they pose challenges for the SEC as well. CFTC and SEC staff are in regular communication on these issues. I want to reiterate my previously stated emphasis that market participants should take note that the relatively nascent underlying cash markets and exchanges for bitcoin remain largely unregulated markets over which the CFTC has limited statutory authority. Investors should be aware of the potentially high level of volatility and risk in these markets.”

Last Updated: December 11, 2017