SEC Investigating Crypto-Currency

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.

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at:
This entry was posted in accredited investor, balance, Banking, CFTC, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, discrepancies, FINRA, fraud, Investments, Jobs, Legislative Intent, penalty, review, SEC, technology, VC, Venture Capital, Wall Street and tagged , , , , , , , , , , , , , , , , . Bookmark the permalink.

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