SEC Chairman Jay Clayton Statements On Cryptocurrencies and ICOs
By definition, “A cryptocurrency (or crypto currency) is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
Cryptocurrency is a kind of digital currency, virtual currency or alternative currency.” Cryptocurrency and digital assets were created/birthed with the intention of being decentralized, however there are many cryptocurrencies that are not. The control of each cryptocurrency works through distributed ledger technology, via the blockchain, which serves as a public financial transaction database. The first ever released was Bitcoin, first released as open-source software in 2009.
Since then, over 4,000 altcoin (alternative coin) variants of bitcoin have been created.