j. clayton the seat the chairman of the f.c.c. mentioned it one hundred thirty two times and he says simply said we should embrace the pursuit of technological advancement as well as new and innovative innovative techniques for capital raising but not at the expense of principles undermining our well founded and proven approach to protecting and vespers and markets so we did have a lawyer at the event who spoke about after watching this testimony and this lawyer said that clayton was essentially putting the gatekeepers on notice that the way the f.c.c. regulates is they regulate through lawyers and accountants who are supposed to guide their clients. about the correct procedures. clayton says when he looked at every single ses every single i.c.a.o. he looked at was the security none of them did register a security maybe one or two of them did. so she did that so this lawyer did mention that there will be enforcement action some enforcement actions coming soon probably against some exchanges and probably against i.c.a.o. is initial

j. clayton the seat chairman of the f.c.c. mentioned it one hundred thirty two times and he says simply said we should embrace the pursuit of technological advancement as well as new and innovative innovative techniques for capital raising but not at the expense of principles undermining our well founded and proven approach to protecting and best fares and markets so we did have a lawyer at the event who spoke about after watching this testimony and this lawyer said that clayton was essentially putting the gatekeepers on notice that the way the f.c.c. regulates is they regulate through lawyers and accountants who are supposed to guide their clients. about the correct procedures. clayton says when he looked at every single ses every single i.c.a.o. he looked at was the security none of them did register a security maybe one or two of them did. so she did that so this lawyer did mention that there will be enforcement action some enforcement actions coming soon probably against some exchanges and probably against i.c.a.o. is init

j. clayton the seat the chairman of the f.c.c. mentioned it one hundred thirty two times and he says simply said we should embrace the pursuit of technological advancement as well as new and innovative innovative techniques for capital raising but not at the expense of principles undermining our well founded and proven approach to protecting and best fares and markets so we did have a lawyer at the event who spoke about after watching this testimony and this lawyer said that clayton was essentially putting the gatekeepers on notice that the way the f.c.c. regulates is they regulate through lawyers and accountants who are supposed to guide their clients. about the correct procedures. clayton says when he looked at every single ses every single i.c.a.o. he looked at was the security none of them did register a security maybe one or two of them did. so she did that so this lawyer did mention that there will be enforcement action some enforcement actions coming soon probably against some exchanges and probably against i.c.a.o. is init

j. clayton the seat the chairman of the f.c.c. mentioned it one hundred thirty two times and he says simply said we should embrace the pursuit of technological advancement as well as new and innovative innovative techniques for capital raising but not at the expense of principles undermining our well founded and proven approach to protecting and best fares and markets so we did have a lawyer at the event who spoke about after watching this testimony and this lawyer said that clayton was essentially putting the gatekeepers on notice that the way the f.c.c. regulates is they regulate through lawyers and accountants who are supposed to guide their clients. about the correct procedures. clayton says when he looked at every single ses every single i.c.a.o. he looked at was the security none of them did register a security maybe one or two of them did. so she did that so this lawyer did mention that there will be enforcement action some enforcement actions coming soon probably against some exchanges and probably against i.c.a.o. is init

j. clayton agreed with that perspective i think a couple of things about that i think i agree with you i think you have the right right take on it one mr g. and carlo chairman of the c f.t.c. he's been pretty out there for a couple years actually talking about how. the digital space should be developed and i think he. likened it to how the internet was developed so i mean much more i think even than the f.c.c. has in the see if d.c. sort of been out there trying to share information and let people know in this space what they should and should be doing i think that's right i think to see if the seed took an early view that this is out there there's nothing we can do to stop it really so we might as well figure out what the problems are they embrace virtual currencies as a commodity and they early on to exercise jurisdiction over derivatives based on commodities as well as using their anti-fraud authority to root out potential bad guys in this area so i think the sea of the sea has taken a very very pragmatic view from the beginning i think it's very careful to say they haven't a dos the

j. clayton are saying they are operating outside the law does do you think that means that the i.c.'s we're going to continue to be done in the u.s. jared only under increased regulatory scrutiny or are they going to move someplace else outside of the u.s. . so in my mind i think we'll see both i think you're going to see a new wave of i.c.'s come out of the us that are going to the lengths to be compliant i just think that you know it really needs to happen to a certain extent i'm all for kind of the government keeping their hands off things but in my mind you know just talking to different people there have been a lot of people taking advantage of. you know with that said i also think that we'll see across the globe you'll find you know these safe havens for i see you know we see that kind of thing with tax evasion and other things like that and i have to imagine with i.c.'s we'll see something similar ok so separate from the i c o's how about you know regulation in general in the digital space you said you know you don't prefer it but you know i sort of look at it in two ways one

j clayton, was previously a lawyer project wall street clients with been scrutinized by federal regulationssed to defend against regulations. it's not the first to make the move. before serving control of the currency he worked in a prominent law firm representing big screen is not returned to the same firm after regulating the very industry he spent his career testing. representative jim, democratic etiquette, was a veteran of goldman sachs. he now serves on the powerful financial services committee regulating wall street. the water, the hedge fund whose chief investment officer was so excited about the shakeout, was founded by billionaire ray [inaudible] of the glare of campaign cash for politicians. they worked with friends to raise more funds than they're allowed to give individually. he gold over half a million dollars to john mccain who in the last 30 years hedge funds have dramatically increased their spending on political donations. this chart. in 1990 spent 190,016 they spent over 230 million and who are the lucky legislators? surprise, surprise. four of the five senators the large