You were warned.
The Securities and Exchange Commission has issued “dozens” of subpoenas to tech companies and their advisors in its investigation of the initial coin offering and alt coin trading markets.
According to the Wall Street Journal, the main focus is on SAFTs, the Simple Agreements for Future Tokens, essentially options to buy crypto-currency tokens at a later date after the ICO has been completed.
Chairman Clayton foreshadowed this effort by appointing a Crypto-Czar within the agency weeks ago and making public statements essentially saying that he hasn’t seen an ICO yet that wasn’t a securities offering in violation of the Securities Act of 1933.
Bumpy ride ahead.