hinman did not discuss the securities knowingly ripple. he noted over time there may be other decentralized networks or systems for regulating the tokens or coins on them. as securities may also may not be required. regarding icos, hinman acknowledged that additional assets could be structured like a consumer item, particularly if the asset is purchased for personal use and not intended as an investment. so, he seemed to imply that certain offering, for example, investment in a book club or golf club were likely not securities he said there's a lot of excitement about this. they don't want to inhibit it, there's a lot of fraud and they had the responsibility scott, good news here for ether. it does appear that most but not icos will be securities. i expect the s.e.c., after a certain period to start enforcing those laws back to you. >> you're not surprised, bob, given your conversation with mr. clayton? >> yeah, mr. clayton, head of the s.e.c. made it very, very clear, number one, that they, too, were excited by this new technology number

a simple membership, for example in a golf club or a book club was likely not a security finally, hinmand the sec's script application of the security's laws, saying many icos had misrepresented investment opportunities and some were outright frauds. we've had the head of the sec on the head of training and now the chief policymaker on bit coin the sec is clearly moving to clarify exactly what their positions are. >> a lot has happened in just the past couple of weeks bob, thank you >>> going back to -- i don't know where you want to start because there's so many things that are very important about what the sec said today that clears the way for, let's say, ether, right, to have futures. >> so that's where we, you know, the issue at the conference was clearing one of the issues they had on the issues. if you're an investment director at a pension fund or endowment, over last year you thought about allocating to the space and the first thing you say is what if this thing is really an unregistered security? well, i better not invest in it. this is really big news. it's a green light for c

my name is winner that's my nickname my phone name is noir hinman boy i'm thirteen years old and i'm in grade six i'm from vietnam and i live in holcim minh city. and i was born my mom and my dad wanted me to win everything and be better than everyone so they gave me a nickname. it's winter. i like to play football read comic books play with lego's and sometimes listen to music i like beethoven i like taylor swift i like adam levine and i like bruno mars. i am afraid of having a bad score on a test at school and my mom and my dad will yell lead me. i have my sister her name is me a not a noddy sister she's four and a half years old. i think they live better than us they don't have to learn as much as we do here in school. i think it is the internet because there's both good and bad the bad is it can make people crazy have problems with their minds if they use the internet too much and then they don't want to talk with anybody else. i go to school six am and i come back. half past four pm. i think we have learned more than teenagers from other countries. today and label id is weak. he

i think an area of the marketplace that hasn't been touched upon as much is secretary -- hinman from s.e.c. two weeks ago when he talked about eithther no longer being a security and stating why, a lot of these other tokens don't meet the criteria? coin base, gemini, circle, all of those people are servicing retail investors. >> so when we think about retail investors and we think about the guy at home, we're talking about high net worth individuals who may be going through their ria so they have more capital. are they the same people in at the height or different people >> there's over 600, 000 registered reps in the united states and the vast majority are not able to advise their clients us to buy bitcoin and as regulatory clarity and you're seeing there's an opportunity for some firms out there. at the bottom end of the spectrum you have the disruptor, the robin hood who offers to their four million mostly millennial customers, ether and bitcoin and the top of the food chain you have abigail at fidelity and they're building out a crypto platform there so there is a sense of urgenc

just last week bill hinman indicat indicated ether was a commodity etching looks like a security to as regulator we want to make sure the occupation chemical markets stay strong and vibrant one of the ways is to provide regulatory certainty >> how would -- what does a light touch actually mean? under whose per view what would it look like? is it sketchy in terms of what the final product would look like >> yes, we still haven't put together the first draft we've worked with people across the industry, including regulators in terms of how should this take shape so it drives capital right now there is an arbitrage going on, essentially, companies are doing white papers, instead of security offerings, they're selling securities, that's led some to be incredibly concerned about fraud, we have to protect consumers. some are concerned about things that start a trading war as a currency in the bank secrecy act, know your customer provisions that make sure we protect ourselves from a list of uses >> i mean, a part of the -- i don't know exactly how it's all going, no one does, obviously, whet