Massachusetts Securities Regulator: Bitcoin Fails "The Smell Test"

Massachusetts Securities Regulator: Bitcoin Fails “The Smell Test”

The top securities regulator in Massachusetts told CNBC yesterday that the bitcoin market is "entirely speculation." "It doesn’t pass the smell test," said Secretary of the Commonwealth William Galvin, whose responsibilities include overseeing the state’s securities division. He warned : "It’s also subject to manipulation, because no one can explain it, no one can control it." Galvin’s comments came as the latest voice from the U.S. regulators in warning investors about risks associated with cryptocurrencies, following the Securities Exchange Commission and the Financial Industry Regulatory Authority earlier this month. Yet, it wasn’t Galvin’s first comments on the bitcoin market. […]