SEC issued a statement confirming that it is conducting many investigations into ICOs.. Stephanie Avakian, Co-Chair of the US Securities and Exchange Commission (SEC) Enforcement Division, has confirmed the media reports that they are conducting dozens of investigations into cryptocurrencies.
SEC may investigate more companies regarding ICOs
According to media reports in late February, the SEC has issued subpoenas to firms suspected of trying to circumvent securities laws through ICOs.. Stephanie Avakian said:
We’re very active with ICOs and you can expect to see more.
Over the past year, the SEC has been working on securities laws covered by the SEC. has stepped up its actions against companies dealing with cryptocurrencies. According to information in various news sources, the SEC has opened investigations against these companies under different names since September 2017.
“Regulators can’t agree on cryptocurrency”
SEC, 7 In March, it issued a statement on cryptocurrency trading platforms that are within the scope of the SEC’s jurisdiction and regulatory policy, and as a result, they need to register due to this change. In February 2018, SEC oversight caused three different companies to suspend due to cryptocurrency-related issues.
Regulatory issues for cryptocurrencies in the US remain unclear. Mike Lempres, Coinbase’s legal risk officer, said in a statement before Congress on March 14:
Major financial regulators cannot agree on the nature of cryptocurrency. Regulators need only to focus on simplifications in this area.
SEC recognizes cryptocurrencies as a commodity
SEC recognizes crypto as a commodity accepts. The Commodity Futures Trading Commission (CFTC), on the other hand, qualifies cryptocurrencies as a commodity. While the Internal Revenue Service (IRS) handles these issues materially, the US Department of the Treasury’s Financial Crime Enforcement Unit (FinCEN) considers them money.
Cointelegraph
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