Jay Clayton: Security

“If I have a laundry token for washing my clothes, that’s not a security. But if I have a set of 10 laundry tokens, and the laundromats are to be developed, and (the tokens) are offered to me as something I can use in the future, and I’m buying them because I can sell them to next year’s incoming class, that’s a security.”

— US SEC chair Jay Clayton.