“The U.S. Securities and Exchange Commission is leery of bitcoin.
The agency issued a lengthy warning to investors on Wednesday about risks it sees in bitcoin and virtual currencies, much of which has been already iterated by bitcoin advocates or other regulators.
But the SEC, which is the top regulator for U.S. securities markets, also took a dig at bitcoin’s short existence as another negative.
“As a recent invention, Bitcoin does not have an established track record of credibility and trust,” the agency wrote in its advisory.
The statement perhaps conflates the pure technology of the bitcoin protocol that transfers the virtual currency, which has been vetted by cryptography experts as solid, with the nearly innumerable thefts, scams and failures of bitcoin-related businesses.
Bitcoin, which launched in 2009, has seen a fair share of challenges, including vacillating exchange rates and regulatory restrictions in countries such as China.”
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