- “We are not going to do any violence to the traditional definition of a security that has worked for a long time,” noted Jay Clayton.
- “Thousands of responsive records, all of which are exempt from the FOIA’s disclosure requirement,” CFTC has maintained.
The Commodity Futures Trading Commission has been reported by the mainstream media to have disallowed a request within the Freedom of Information Act which seeks see the contents of the subpoenas served to both Bitfinex as well as Tether on December 6, 2017.
“Subpoenas issued to Ifinex inc. also known as Bitfinex and its subsidiary companies, as well as subpoenas issued Tether Limited and its subsidiary companies,” as stated by FOIA. Still on the same, the individual who delivered the request said that the CFTC had this to say, “thousands of responsive records, all of which are exempt from the FOIA’s disclosure requirement,” the individual who remains anonymous added “Some records are exempt from disclosure under FOIA Exemption 7(A), 5 U.S.C. § 552(b)(7)(A), because disclosure of that material could reasonably be expected to interfere with the conduct of the Commission’s law enforcement activities.”
The chairman of the Securities and Exchange Commission, Jay Clayton while on CNBC earlier this week say no to the request to have the securities laws with intentions to include virtual currencies. Clayton stated categorically:
“We are not going to do any violence to the traditional definition of a security that has worked for a long time. We’ve been doing this a long time, there’s no need to change the definition.” The chairman added in clarification, “Crypto-currencies: These are replacements for sovereign currencies, replace the dollar, the euro, the yen with bitcoin. That type of currency is not a security. A token, a digital asset, where I give you my money and you go off and make a venture, and in return for giving you my money I say ‘you can get a return’ that is a security and we regulate that. We regulate the offering of that security and regulate the trading of that security.”
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