3 ms·
Should I take this to mean that cryptocurrencies are all scams that demand SEC intervention, or that cryptocurrencies are legitimate and here to stay?
by nickysielicki 9y ago
Should I take this to mean that cryptocurrencies are all scams that demand SEC intervention, or that cryptocurrencies are legitimate and here to stay?
- wmf 9y agoMost crypto currencies are regulated by the CFTC instead of the SEC, but DACs/DAOs and ICOs are within the SEC's remit. They recently announced a crackdown on some but not all ICOs: https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_co...
- matt4077 9y agoYes Serious answer: the SEC doesn't have an opinion on "cryptocurrencies" as such. They don't see them through the paradigm of the internet's crypto-anarchists' assault on the financial establishment that many in the community seem to prefer. They have certain mandates to ensure financial markets are able to function, and they set rules whenever they deem something a threat to that functioning market. That's why bitcoin has only seen some light regulation, mostly around "know your customers"–rules to guard against tax evasion and money laundering, the two most important ways it could be used illegally. ICO's are now used rather extensively for something between outright investment fraud and a pyramid scheme, so the usual rules about offering investments are applied.