In an interview with CNBC\'s Fast Money on December 27th, the leading securities regulator for the State of Massachusetts again came down on the side of the Bitcoin sceptics, saying that \"It doesn\'t pass the smell test.\" He added the frequently voiced comments that it is uncontrollable and open to manipulation, as \"no one can explain it.\" In addition, he considered that although ICOs do count as securities, they also have a worrying potential for fraud.

William Francis Galvin, Secretary of the Commonwealth of Massachusetts, has responsibilities which include oversight of that State\'s securities division. These latest comments contribute to an expanding pool of anti-Bitcoin statements by US financial regulators, warning investors of the risks surrounding cryptocurrency. Statements were issued in December by both the SEC (Securities Exchange Commission) and FINRA (the Financial Industry Regulatory Authority) in America, together with a prior statement by the Secretary of the Commonwealth.

 Galvin\'s December 13th press release discussed \"bitcoin mania,\" likening it (as have so many others) to the market frenzy of the 1630s known as tulip mania. The official statement included a list of seven cautionary points for potential investors to take into account when thinking about buying bitcoin. These points include a specific warning about the Blockchain, saying that its experimental nature left it open to \"changes, errors, or criminal activity\" as well as price volatility and lack of regulation.