The Commission on securities and stock exchanges of the USA (SEC) began an investigation of the legitimacy of the activity of cryptocurrency companies. Dozens of companies operating in the cryptocurrency market have received subpoenas and requests for financial information to be analyzed and assessed by the regulator.
The concern of the Commission cause a virtually unregulated field of ICO projects, as well as some ways to attract investment. In particular, the organization and conduct of the ICO companies, whose activity does not fall under regulations governing traditional public events.
The head of the Commission, Jay Clayton (Jay Clayton) had previously promised to pay special attention to companies whose management, stating their imaginary connection with the technology of the blockchain, trying to artificially inflate the prices of their assets. Several such projects have been suspended. Companies that violate the rules for the protection of investors, received repeated warnings SEC.
Clayton stated that the Commission staff will continue to carefully analyze the practices used in conducting the ICO, to identify and take appropriate action against violators of laws.
It is known that the ICO projects since the beginning of this year attracted $2 billion investments. Former SEC Commissioner Dan Gallagher (Dan Gallagher) believes that this is only the tip of the iceberg and in the near future will be followed by a serious tightening of requirements for cryptocurrency companies. Unregulated projects to accommodate tokens Gallagher calls the «damned Wild West» and «the Wolf of wall street on steroids.»
The actions the SEC should not be considered a negative signal for the cryptocurrency market as a whole. The Commission is primarily engaged in combating fraud in virtually unregulated sphere ICO, the members of which, often without even a clear description of your product, attract multimillion-dollar investments.
Massachusetts Institute of technology is preparing to publish a report according to which the amount is received scammers in the process the ICO of between $270 million to $317 million. The investigation of such crimes is not always successful.
According to the New York Times journalist Nathaniel Popper (Nathaniel Popper), the SEC may attempt transmission manual cryptocurrency companies in the hands of a more predictable and reliable players. One of the first cases of such transfers, he believes the purchase of the exchange Poloniex payment company Circle.