The US Securities and Exchange Commission (SEC) has once again demonstrated its animosity towards cryptocurrency trading and investing. Recently, the SEC issued subpoenas to about 80 cryptocurrency firms, including a $100 million crypto fund run by TechCrunch founder Michael Arrington. In a phone interview with CNBC, Arrington commented, “We received a subpoena. Every [crypto] fund I’ve talked to has received one.” Interestingly enough, Arrington didn’t seem too stressed up the subpoena, saying, “They just have to figure out what they want… They need to set up rules so we can all follow them, and the market is begging them for that.”
To date, the SEC hasn’t made it explicitly clear whether or not digital coins are securities, and therefore whether or not they are subject to the same types of disclosures, regulations, and limitations. When crypto mania was in full swing in the winter of 2017, SEC Chairman Jay Clayton released a statement on ICOs that noted, “As [ICOs] are currently operating, there is substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation.” This tone clearly set the direction of the SEC’s involvement in crypto investing, and now their actions are coming to fruition.
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https://www.bitguru.co.uk/what-ico-investors-can-do-in-light-of-increasing-government-regulation/
