SEC is preparing cryptocurrency fraud crackdown...

[XMLGold.eu]

SEC is preparing cryptocurrency fraud crackdown

According to foxbusiness.com the Securities and Exchange Commission has launched a massive crackdown on alleged fraud in the cryptocurrency business that could result in dozens...
Read the full article here: https://www.xmlgold.eu/en/news/article/670/SEC-plans-massive-hunting-fraudsters-of-cryptocurrency/

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[jseverson]

That's good. I mean, if they're going to interfere with with the cryptocurrency scene anyway, they might as well help clean it up.

It also doesn't really matter whether or not Clayton believes that Bitcoin is a mania for as long as he doesn't let his personal opinions cloud his judgement on how things should be handled. Things seem to be going well so far, with them acknowledging that there are legitimate businesses in the scene. They seem to be going after the right people too, for the most part. Props to them.

[Idrisu]

I think this is better and it will bring sanity into the icos market that will in turn bring confident to investors. SEC is the only organization that has that capacity to monitor the scams projects. Many investors including me have loss money in icos investment. If this is well structured we would both benefits from it as this will help governments to also generate revenue.

[timerland]

From this article it seems like that the SEC is regarding BTC as some kind of tulip mania, which it simply isn't. Anyone with just some knowledge of both BTC and the tulip bulb mania would know that they are completely different things, with bitcoin being a currency that actually resolves a lot of the issues in the economy, and tulip bulbs being just a speculative piece of plantation.

If regulations are to come anyways, as jseverson said, it's probably best for them to focus on cracking down these fraudulent investments.

But they've got to realize that the problem isn't with BTC, or how volatile it is. Even though it might be in a bubble, doesn't mean that it's not useful in the long run. We don't know if this is just going to be an excuse to tighten up the restrictions around BTC buying, but hopefully they do stick to the agenda of cracking down on the things that actually do need cracking down on(pyramid schemes, unlicensed ICOs, etc.).

[gentlemand]

From this article it seems like that the SEC is regarding BTC as some kind of tulip mania, which it simply isn't.

There's no mention of BTC in this article and the SEC have discounted it when it comes to anything related to securities other than its use in funding ICOs. Bitcoin will never be nailed as it doesn't fit any of the criteria they lord over.

It's all about ICOs bypassing the regulations that regular stock offerings have to adhere to.

Overall that's a really shitty article that appears to have been written by a bot.

[Simon Eaton]

I can see that eventually a crackdown will come but I just cant see how this will have any meaningful effect without a co-ordinated effort between a large amount of world governments. They are too busy positioning themselves to go to war at the moment. We would need the USA, Russia, China and a whole host of other world powers to work in coordination and I just cant see that happening...yet

[gentlemand]

I can see that eventually a crackdown will come but I just cant see how this will have any meaningful effect without a co-ordinated effort between a large amount of world governments. They are too busy positioning themselves to go to war at the moment. We would need the USA, Russia, China and a whole host of other world powers to work in coordination and I just cant see that happening...yet

China's already shut down everything, South Korea have squashed ICOs, it's a dead cert that the US will crack down, more than likely the EU will too. Anywhere else that hasn't may join in to avoid feeling left out.

I don't think many or any regulators will leave the door open to such a flagrantly scammy area. A one page website and a shitty idea should not be all you need to attract millions in other peoples' money with absolutely no recourse.

[Tankdestroyer]

Overall that's a really shitty article that appears to have been written by a bot.

There is also the fact that the source of news is not credible. It might be true but not all of the information there is a fact(probably).

SEC is preparing cryptocurrency fraud crackdown
According to foxbusiness.com the Securities and Exchange Commission has launched a massive crackdown on alleged fraud in the cryptocurrency business that could result in dozens...

I think it is still good news since scams would be lessened, and crypto space would be cleansed a little bit from shitcoins that plagues it. I wonder though how will they do that massive crackdown if some scammers are anonymous when they are doing fraudulent activities in crypto space>

[automaticmoney]

Sec report on icos and crypto currencies will give a clear picture of the future outcome fate of crypto currencies and icos in usa

[domasal]

Some people are fearing this but you need to look at the other side of the coin. Scammers and criminals will run for the hills while institutional investors will come in droves. Overall a win win for crypto

[Hydrogen]

They've announced several of these "investigations" and "crackdowns" without anything being done for awhile now.

What ever happened to the bitfinex and tether "crackdown"? I thought they were going to "expose" bitcoin as a pyramid scheme where "80 billion dollars of tether" was being "printed out of thin air" to "manipulate" bitcoin's price?

It seems to me that they make an announcement like this every month as a means of FUD market manipulation intended to drive bitcoin's price down. Hopefully, people will begin to identify and recognize this tactic.

There was a case like this where new york's former attorney general, Eric Schneiderman, announced a "crackdown on bitcoin", about a month ago. Then he was forced to resign after allegations of him abusing women arose. The signal to noise ratio of "bitcoin investigations/crackdowns" may be a tiny bit suspect as may be the character of those making these announcements.

[realaccountakira]

SEC is preparing cryptocurrency fraud crackdown
-snip-

Really this is nothing new and the SEC has always been against cryptocurrency FRAUD. I believe it is important to clarify the point that they are only after "fraud" and not crypto itself. Nowadays, we have to be really careful how we word our messaging because the general public is usually composed of idiots who easily associate the word "fraud" with real projects in the crypto scene, thus panic, thus causing market crashes.

[Yakamoto]

SEC is preparing cryptocurrency fraud crackdown
<image snipped>
According to foxbusiness.com the Securities and Exchange Commission has launched a massive crackdown on alleged fraud in the cryptocurrency business that could result in dozens...
Read the full article here: https://www.xmlgold.eu/en/news/article/670/SEC-plans-massive-hunting-fraudsters-of-cryptocurrency/

This is the one thing that I'm not 100% against when it comes to the government and the crypto economy, but at the same time if there is any government intervention then it is something I don't support. The fact that they're just trying to stop some of the fraud is good for the community, but the community should be smart enough to push fraudsters out of the market in the first place. If we're not able to do that, then maybe we're responsible for what happens at a point. Well, personally responsible for our own choices. Not those of the whole.

[sotoshihero]

SEC is preparing cryptocurrency fraud crackdown
-snip-

Really this is nothing new and the SEC has always been against cryptocurrency FRAUD. I believe it is important to clarify the point that they are only after "fraud" and not crypto itself. Nowadays, we have to be really careful how we word our messaging because the general public is usually composed of idiots who easily associate the word "fraud" with real projects in the crypto scene, thus panic, thus causing market crashes.

I fully support this one as there are many ICO's already that after millions of dollars, they are gone or they are having some drama like steling, usurping etc. Take for  example with envion, they did not resolve yet. Investors are clueless what will happen next.

[gambitcoin53]

That's good. I mean, if they're going to interfere with with the cryptocurrency scene anyway, they might as well help clean it up.

It also doesn't really matter whether or not Clayton believes that Bitcoin is a mania for as long as he doesn't let his personal opinions cloud his judgement on how things should be handled. Things seem to be going well so far, with them acknowledging that there are legitimate businesses in the scene. They seem to be going after the right people too, for the most part. Props to them.

i agree, someone must do the cleaning before the govt takes over, if that is what they are intended to do, just to clean it up of the illegal and malpractice of bitcoin, lots of people are also exploiting what the true purpose why bitcoin was created, not for those scams and illegal ponzi schemes. with them trying to crack down the illegal scammers, after that, what remains is pure bitcoin ideology, other counrty should follow this so more people will trust bitcoin knowing their govt will not tolerate illegal acts using bitcoin.

[Ranly123]

That's good. I mean, if they're going to interfere with with the cryptocurrency scene anyway, they might as well help clean it up.

It also doesn't really matter whether or not Clayton believes that Bitcoin is a mania for as long as he doesn't let his personal opinions cloud his judgement on how things should be handled. Things seem to be going well so far, with them acknowledging that there are legitimate businesses in the scene. They seem to be going after the right people too, for the most part. Props to them.

Thumbs up. Fraudulent should be dealt with accordingly and with SEC pulling for it's crackdown, then this is a good news for crypto users and investors.

[VentureHero]

That's good. I mean, if they're going to interfere with with the cryptocurrency scene anyway, they might as well help clean it up.

It also doesn't really matter whether or not Clayton believes that Bitcoin is a mania for as long as he doesn't let his personal opinions cloud his judgement on how things should be handled. Things seem to be going well so far, with them acknowledging that there are legitimate businesses in the scene. They seem to be going after the right people too, for the most part. Props to them.

Totally agree, as long as there are the right people involved in this.

[Tylev]

Yes, I have already read that the SEC has created a fraudulent ICO project, leaving considerable doubt about its reliability and reliability, but people began to invest in it massively, without checking the project itself and its team well. The project, of course, was suspended and, thus, the insolvency and imperfection of the organization of the ICO projects was shown to all.
However, in fact, this proves nothing. This is above all a testament to the fact that state bodies have avoided problems, where there are frauds, where there are crimes. We also know that there are a lot of frauds in the ICO projects, because there is a lot of money going on and that people are very trusting. It would be better if state structures began to regulate ICO activities in order to exclude or at least reduce the number of frauds in it.

[patarfweefwee]

That is actually good news for the investors out there. now they'll be more safe and their investments secured once they actually place it in an ICO for example. This will make more investors join in on the crypto currency game and actually help thenpricento rise and stablize. I just hope SEC will look into the fraud ones and leave the legit ones alone.

[randythered]

It's not going to be pretty when the regulators do begin to crackdown on the cryptocurrency market but after the initial shock to the market it will be a good thing. The market has pretty much been a playground for corruption, manipulation and collusion for the last years and once that ends it will attract a lot more investors.