“As somebody who’s been around financial bubbles a [long time], my ‘alarmo-meter’ is at DEFCON 5,” said Silvers. “My sense is that most of the conversation that goes on around this is essentially designed to obscure. [It] uses big ideas and technical jargon to evade fundamental questions that should be asked in this institution about any investment product.”
“These investments are seen as cutting-edge opportunities for individual investors, but these investments may not be suitable for all investors because they carry such significant risk,” said SEC Commissioner Kara Stein.
Stein continued, putting forth her opinion that blockchain technology has the potential to “revolutionize” securities trading and fundraising, but cautioned that clear regulatory oversight was needed to combat growing incidences of fraud.
Source: Obvious Bubble? SEC Committee Lashes Out at Bitcoin and ICOs – CoinDesk Aaron Stanley, October 16, 2017