he US House of Representatives Committee on Appropriations held a hearing with the Wall Street regulator on April 26, and they explored regulating cryptocurrencies in what they still seem to believe exist in a Wild West environment. SEC Chairman Jay Clayton was looked to as an authority on the topic of cryptocurrencies in what was his maiden testimony before this specific committee.

Congressman Chris Stewart (R-UT) told how his son invested $17 in a digital currency that he opted not to name but acknowledged that his son has a greater net worth than he does at the moment. But without proper regulation, "people don't have the information they need to make good decisions," he said, looking to Chairman Clayton for answers.

Bitcoin Not a Security, ICOs Are Not Transparent

Chairman Clayton described a "complicated area," one in which he divides between bitcoin as a currency and ICOs. Bitcoin, Chairman Clayton said, has "been determined by most people to not be a security."