SEC to clash with Facebook over Libra

Jamie McKane

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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.

[Bloomberg]
 
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