SEC Cracks Down On Initial Coin Offerings
This article was originally published on PerpetualGrowthCrypto
The Securities and Exchange Commission (SEC) has launched an investigation into the legality of a number of Initial Coin Offerings (ICO’s) according to a report released by the Wall Street Journal. Dozens of subpoenas and information requests have been issued by the SEC to companies and advisers of projects associated with digital assets to determine whether or not they have violated regulations governing the issuance of securities.
The SEC warned businesses and investors it would be stepping up enforcement against projects found to be in violation of existing securities laws earlier this year. Instead of complying with securities regulations, many ICO’s have made false claims about their projects, used illegal advertising methods, or simply ignored the need to register their coin.
SEC Chairman Jay Clayton signaled his support for cryptocurrencies alongside Commodities and Futures Trading Commission Chairman Christopher Giancarlo during testimony to the Senate Banking Committee early in February but stated that fraudulent and illegal behavior would not be tolerated.
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