I think it [Bitcoin] is working. There will be other currencies like it that may be even better, but in the meantime there's a big industry around bitcoin. You know, people have made fortunes out of bitcoin, some people have lost money out of bitcoin.
American attorney and Chairman of the U.S. Securities and Exchange Commission
Market participants, including lawyers, trading venues, and financial services firms, should be aware that we are disturbed by many examples of form being elevated over substance, with form-based arguments depriving investors of mandatory protections.
We believe there may be new opportunities arising from the tokens and the technologies behind them... However, tokens could pose substantial risks for investors and can be vulnerable to financial crime without appropriate measures. In the longer run, potential risks in the field of financial stability may emerge as well.