This article may be one of the most impactful bits of news to hit the crypto space this year, the SEC (Security and Exchanges Commission) has issued a wave of subpoenas against ICO companies, the SEC chairman Jay Clayton said earlier in the year that:
“Many promoters of ICOs and cryptocurrencies are not complying with our securities laws,”
|Source|
|Source|
There is not currently any information on what companies have been issued with subpoenas though the Telegram ICO was mentioned, Telegram launched the biggest ICO this year by raising $850 million from just 81 investors there have not been any mentions from Telegram on whether there will be a change of plan though this is still early days.
The SEC also said that they prevented a fraudulent ICO from a company based in Dallas, Texas called AriseBank to the tune of $600 million where they were accused of "conducting a scam and misleading investors".
I think this may be just the tip of the iceberg and i believe that more well known cryptocurrencies may soon be called in to question by the SEC as they find themselves embroiled; albeit it some cases unwittingly in illegal activity. I have not heard of any issues with Steem but i can't help but think the SEC will soon be in touch with @ned and even if they were i think it would be unlikely we would be kept in the loop. This is by no means an attempt to spread FUD, i just believe that these are issues worth discussing.
I would love to hear from people and what they think and feel about these events especially from a legal point of view.
The full article can be viewed on the Wall Street Journal HERE.
|Source|
Thanks for reading and if you found this interesting consider upvoting, following and resteeming.
P.S. If you are interested in buying or selling Steem consider using my link and sign up to Binance.
Previous Blog|Next Blog
