The SEC commissioner, Robert Jackson, talked securities, crypto assets, and Initial Coin Offerings in an interview today on CNBC’s “Squawk Box”, and what he said was very revealing and could determine the institution stance to the whole issue of Initial Coin Offerings. In the interview, he affirmed that the SEC is ever vigilant and trying to protect investors in that field.
When asked about cryptocurrencies and ICO, Robert Jackson said that they were having some troubling developments in that field, and mostly in the field of ICOs. He specifically stated that:
“IN THE FIELD OF ICOS, INVESTORS ARE HAVING A HARD TIME TELLING THE DIFFERENCE BETWEEN INVESTMENTS AND FRAUD”
He also confidently told that he supports the vision and the work of the SEC, and said that he hasn’t seen an ICO that was not a security. He also expressed his views about the actual state of the market saying:
“IF YOU WANT TO KNOW WHAT THE MARKET WOULD BE WITHOUT THE SEC REGULATION, AN UNREGULATED SECURITIES MARKET, IT WOULD BE THE ICO MARKET”
Finally, he commented on how the SEC was not planning to regulate the market just then, but that in the long road it would have to plan some way of making ICO investments work consistently with the securities regulation; but that for now, they will only focus on enforcement of trouble cases.
The SEC has had a rough year and has worked to enforce investors interests over these poorly defined and unregulated scammy ICOs that have filled the market recently. They have subpoenaed all national ICOs and made them turn out certain info about their projects to ensure that they were operating inside regulatory boundaries. The SEC has also issued cease orders for some ICOs, like the one issued to the offerings being advertised by Steven Seagal and Floyd Mayweather.