William Gavin, head of the securities regulatory Commission of the us state of Massachusetts, told CNBC that the bitcoin market is “absolute speculation”. “Bitcoin has not been tested for lice” – added the official, whose duties include supervision of the state securities market. He warned that the cryptocurrency sphere:
“This is a sphere of manipulation, because no one can explain this phenomenon, and no one can control it.”
A month earlier, investors had already been warned about the risks of the Cryptocurrency market by the US Securities and Exchange Commission and the Financial Services Industry Service of the United States. W. Gavin’s comments were the last of a series of warnings from US regulators.
However, the official also cared about the rights of American investors. For example, he published a brochure warning of “Bitcoin mania”, adding that this is his personal position on this issue and it was not coordinated with other state regulators. The brochure lists seven potential problems for investors, which you need to think carefully before buying bitcoin – for example, the inability to recover stolen cryptocurrency and wild volatility.
The official also noted that he is in solidarity with the US federal government, which warns investors about an abnormal growth in the price of cryptocurrencies, and he also agrees that “this is a problem.”
He also expressed his concern with the phenomenon of the primary placement of tokens – ICO. “We hope that the ICO process will be legally equated with the placement of securities,” said U. Gavin, adding: “This activity has a clear potential for fraud. And we are very concerned about this. “