The tea leaves were swirling Tuesday after Jay Clayton, chairman of the U.S. Securities and Exchange Commission, dropped some hints about what regulators in the United States will (and won’t) do in the crypto space in the coming months and years.

Clayton gave a fireside chat in front of a packed room at CoinDesk’s Consensus: Invest event in Manhattan yesterday afternoon.

And while Clayton made it clear that he has given cryptocurrency a lot of thought over the last year, there was still plenty to read between the lines, including his thoughts on the exchange ecosystem and the question of when ICO-derived tokens count as securities.

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