# In a statement from the SEC, they want Crypto Exchanges to register with the agency if they are going to make a market for "securities".

That last word is the big question mark in all of this, "security".

What makes for a security?

Well according to the SEC, they have developed something called the Howey Test, which looks something like this:

https://s13.postimg.org/3l6nvd0tj/download.jpg

(Source: https://next.autonomous.com/thoughts//the-sec-is-watching-your-initial-coin-offering)

# Given that description, it sounds like some coins certainly will qualify as securities, but many will not.

Bitcoin seems to be the farthest away from a security of just about any coin given this definition.

It appears I am not the only one who thinks that:

https://youtu.be/1weq02QfP3w?t=119

It also probably explains why Steemi.inc has made sure to separate Steemit.inc from the steem blockchain.

One is a decentralized blockchain, the other is a company built on top of said blockchain.

While this may have sounded scary at first, it sounds like it eventually will turn out to be good news as a better and safer cryptocurrency market place will emerge.

The big question in my mind is, what will this mean for the current cryptocurrency exchanges?