why is bitcoin not a security 
in june 2018 the former chair of the sec jay clayton clarified that bitcoin is not a security cryptocurrencies these are replacements for sovereign currencies replace the dollar the euro the yen with bitcoin that type of currency is not a security said clayton bitcoin which has never sought public funds to develop its technology does not pass the howey test used by the sec to classify securities however by clayton s definition tokens used in an ico are securities 11