For years, we’ve been thinking about how (and if) the Securities and Exchange Commission would regulate bitcoin. Yesterday, we almost got our answer when SEC Chairman Jay Clayton drew a line in the sand between bitcoin and initial coin offerings (ICOs). And it was mostly good news. “Cryptocurrencies – these are replacements for sovereign currencies,” Clayton said on CNBC. “They replace the dollar, the yen, the euro with bitcoin. That type of currency is not a security.” Clayton’s declaration that…