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    Blockchain Journal
    Home » SEC reaffirms that Bitcoin is not a security

    SEC reaffirms that Bitcoin is not a security

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    By BlockchainJournal on October 6, 2019 News
    BlockFi Overpaid bitcoins to its clients
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    The US Securities and Exchange Commission (SEC) still believes that the first cryptocurrency is not a security.

    According to The Block , Cipher Technologies Bitcoin Fund has applied for registration of a closed interval fund and an investment company. The submitted documents indicate that Bitcoin is a security. SEC staff did not agree with this information, citing the Howie test and the Digital Asset Analysis Guide released earlier this year.

    “Among other things, we are not sure that Bitcoin buyers rely on third-party management skills and entrepreneurial efforts to make a profit. Thus, since Cipher intends to invest, in fact, all its assets in cryptocurrency, it does not meet the definition of an investment company in accordance with the Investment Companies Act of 1940. The company mistakenly filed an application in form N-2, ”the agency said.

    The SEC emphasized that if the first cryptocurrency was a security, then “there would be other significant problems”. For example, in this case, Bitcoin would universally qualify as a “publicly offered security”, and similar Cipher funds would play the role of underwriters.

    Among other things, the Commission notes that Cipher did not take into account issues related to the protection of investor rights, especially regarding pricing, storage and opposition to market manipulations.

    Cipher by Anonymous RXEhFb on Scribd

    Earlier, the fact that Bitcoin does not belong to the category of securities was announced by SEC head Jay Clayton.

    We also recall that recently, SEC Special Commissioner Hester Pearce expressed the opinion that cryptocurrencies in the future could become "Internet money."

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