Former SEC chair Jay Clayton feels ‘vast majority’ of crypto tokens are securities

Former SEC Chairman Jay Clayton has reiterated his position that many cryptocurrencies could be defined as securities, even as the crypto industry continues to combat the U.S. Securities and Exchange Commission over the regulator’s prohibitive stance towards the industry.
“I’ve said this for a long time: I think the market has evolved, but many, if not the vast majority, of the tokens that were sold for cash would fall within the definition of a security in America,” Clayton, now a senior policy advisor and counsel at Sullivan & Cromwell LLP, said at the R3 CordaDay conference on Wednesda

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