The Securities and Exchange Commission has clarified that Bitcoin is not security in reply to a firm’s registration application. The Division of Investment Management staff has issued a reply recently mentioning that Bitcoin cannot come under the ‘security’ umbrella. Recently, Cipher Technologies Bitcoin Fund approached the Securities and Exchange Commission to be listed as a ‘closed-end interval fund.’ To achieve this status as per the Investment Company Act 1940, it submitted that Bitcoin is classified as a security. It reiterated this stance during its written and verbal communication with the commission. However, people at SEC differed with this stand as
