That makes it a digital stock, not a coin

Jay Clayton, chairman of the U.S. Securities and Exchange Commission (SEC), has spoken of the advantages of initial coin offerings (ICOs) as a way to raise capital – with a significant caveat.In a speech last week, focused on reviewing the SEC’s progress in 2018 and discussing the agenda for 2019, Clayton said “I believe that ICOs can be effective ways for entrepreneurs and others to raise capital.”However, he added that securities rules must be adhered to where appropriate.“The novel technological nature of an ICO does not change the fundamental point that, when a security is being offered, our securities laws must be followed,” he said.

Mass confusion reigns as ICO marketers go wild. 

An ICO is an initial coin. An ICO that follows SEC rules is a digital stock ownership. 

Why not call it that? A personal owner digital certificate for a company using SEC format to report operating results.  Why is the SEC chairman kowtowing to the coin market? Say it like it is, same stuff as today; just no paper only crypto signatures on a contract.