News

SEC Launches Subpoenas And Probes; ICO's In The Spotlight

This afternoon, on an article written for the Wall Street Journal, it was reported that the Security Exchange Commission (the US financial watchdog) had sent dozens of subpoenas and information queries to some cryptocurrency companies and incumbent ICO’s, according to own diary sources.
Most of the documents required are requisitions of information for the structure and function of some Initial Coin Offerings. Some of the SEC officials say that mostly ICO’s aren’t well documented and could very well operate partially outside federal laws.
These movements imply a change in the regulation stance from the SEC, that had always limited to offer advice about staying out of cryptocurrency markets due to of lack of regulation. But now the federal organ has turned to scrutinize ICO’s and crypto-derived businesses. Some ICO’s (as the Telegram one) have their own clarity problems and their documents don’t seem to define if they will refund invested money or not (full article about it here). Those kinds of issues are inviting regulators to step in.

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