Just a few hours ago, the WSJ reported that the SEC’s probe was intensifying the underlying need for US regulators to rein in the industry. The primary concern is not crypto trading, as such, but the unregulated world of ICOs and their methods of raising funds for their projects and concepts.
ICO Fundraising Eyed
Citing “people familiar with the matter,” the report went on to state that orders called for more information regarding the structure for sales and pre-sales of ICOs. These are not currently subjected to the same rigorous regulations as traditional IPOs for companies.
Blockchain and crypto companies had been previously warned for what officials have claimed are “widespread violations of securities rules designed to protect investors.” According to SEC chairman Jay Clayton:
Many promoters of ICOs and cryptocurrencies are not complying with our securities laws.
Clayton also told staff last month to …
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