US Regulator SEC launches cryptocurrency business investigation in regards to some advisers and technology companies in the US cryptocurrency market. According to the online reports, the regulatory agency has a number of subpoenas and data requests.
1 March, AtoZForex – One of the US primary financial markets regulators, the US Securities and Exchange Commission (SEC), has launched a probe into a cryptocurrency business. According to the online reports, the regulatory agency has a number of subpoenas and data requests. These are addressed to some of the advisers and technology companies in the US cryptocurrency market.
US Regulator SEC Launches Cryptocurrency Business Investigation
Some of the subpoenas from the SEC are the actual demands in regards to the structure of the sales and pre-sales of ICOs that do not fall under the strict scrutiny of public offerings. The heightened pressure comes as a result of the previous inquiries from the SEC. The inquiries have suggested that numerous token sales and ICOs can be breaching securities laws.
Earlier last month, Jay Clayton, the SEC Chairman, has stated that the securities market regulator is now closely monitoring the trend of public companies that are linked to Blockchain.
In the recent months, numerous firms have been making announcements that they are shifting to Blockchain business ventures. This tendency has fueled the warnings from the US SEC and other regulators, including FINRA. The US watchdogs believe that this trend might be a ground for abuse by would-be fraudsters.
SEC Head Jay Clayton has stated that his agency is investigating the issue. Special attention is dedicated to the subject of investor disclosures.
Federal Vs State?
While US federal regulators are getting more concerned about the cryptocurrency market, things are somewhat relaxed at the state level.
Just recently the state of Wyoming has adopted a particularly laissez-faire approach to cryptocurrency regulation. The state regulators have passed a law that exempts tokens from the securities regulations. However, this is only in case they meet certain requirements. The same state has introduced a bill that could exempt cryptocurrencies from property taxes.
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