The Chairman of the Commission on securities and exchange Commission (SEC) Jay Clayton praised the work of the task force Crypto-Sweep generated by financial regulators of the USA and Canada for large-scale combat cryptocurrency scammers.
«The work of this group plays a key role in the fight against cases of fraud associated with cryptocurrencies and ICO. Its very presence is a warning to potential fraudsters in this space, and the unification of the regulatory bodies will allow to coordinate action to prevent and stop fraud on an international level,» he said.
Task force Crypto-Sweep was formed in April 2018 upon the recommendation of the North American Association of securities administrators (NASAA).Only last month she received 70 requests for examination of fraudulent schemes and cryptocurrency ICO in 40 U.S. States and Canada.
According to the head of NASAA Joseph Rotunda, the operation of Crypto-Sweep is just the tip of the iceberg, because the cryptocurrency market is literally filled with scammers. The North American agencies were able to detect only a small part of these elements, so in the near future they expect the emergence of a new joint campaign of this kind.
«When securities are sold via ICO to underlying assets apply state and Federal securities laws. The participants of the cryptocurrency market, which ignore the securities laws, will be brought to justice – reminded the Chairman of the SEC. – Unfortunately, some market participants believe that the use of new technologies creates the basis for ignoring the fundamental principles of our securities laws».