SEC to clash with Facebook over Libra

Jamie McKane

MyBroadband Journalist
Staff member
Super Moderator
Mar 2, 2016
SEC to clash with Facebook over Libra

The scene was straight out of the era of Bitcoin mania: a man on an Amtrak train to New York speaking loudly into his mobile phone, discussing a digital token he was promoting and bragging about how he planned to pump up the price.

But unknown to the crypto entrepreneur, sitting a few seats away was Securities and Exchange Commission Chairman Jay Clayton, the U.S.’s top market cop. Clayton had been growing increasingly concerned that many initial coin offerings -- a twist on an IPO where investors get tokens instead of stock -- were scams. He listened for a while, his anger building, and then stood up.