Jay Clayton, chairman of the U.S. Securities and Exchange Commission, said in an interview with CNBC: “The crypto-currency, such as Bit coin, is a substitute for sovereign currencies. They will replace the dollar, the yen and the euro. So it's not a securities; However, digital tokens are digital products used in the fund-raising process for initial token issuing products and should belong to securities.” In fact, the U.S. financial regulator has always sought balance between consumer protection and innovation. However, many crypto-currency companies believe that the crypto-currencies they issue should not fall into the securities category because in many cases, these crypto-currencies are practical.