SEC Began A Large-Scale Trial Concerning The ICO
The U.S. Securities and Exchange Commission (SEC) sent dozens of the judicial agenda to the technological companies and experts, including legal advisors involved in the ICO, as part of the official trial.
The agency needs information on the structure of token sales and presales, which at the moment are not regulated in accordance with the norms of initial public offers (IPOs). SEC is convinced that the tokens which are released during ICO are securities what the official, Jay Clayton, said in his statement.
It is worth noting that representatives of the agency refused to comment on the publication's information.
"We see only the tip of the iceberg, there is colossal regulation ahead of us," says former SEC chief Dan Gallagher, who now serves on the board of directors of the blockchain company, Symbiont.
He also called unregulated token sales "the insane Wild West or the Wolf from Wall Street on steroids."
In the ICO market research from the Massachusetts Institute of Technology, it is said that $ 270-317 million collected during the initial offers of coins were probably received by fraudsters.
Head of Combating Market Abuse of the SEC Robert Cohen argues that dozens of companies have postponed the ICO due to actions on the part of the agency. The regulator is also suspicious of SAFT-agreements, considering them a variety of securities.
Earlier, the heads of the SEC and the CFTC promised not to hamper technological progress, but to prosecute everyone who violated the securities legislation.