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Report: SEC Expands Crackdown on ICOs, Regulatory Ambiguity Remains | Cell Phone Spy and Mobile Tracking Software
Despite recent calls from Congress to provide regulatory clarity on ICOs, the SEC continues is crackdown on hundreds of ICOs, according to a joint report. The U.S. Securities and Exchange Commission (SEC) has expanded its crackdown on Initial Coin Offerings (ICOs), putting "hundreds" of projects at risk, according to a recent joint investigation by Yahoo Finance and Decrypt Media published, Oct. 10.The authors of the report stressed that hundreds of crypto and blockchain startups that conducted token sales have eventually found that they had violated securities laws despite their endeavors to comply with regulations. In response to SEC pressure, dozens of firms have reportedly "quietly agreed" to refund investors' money and pay fines, rather than attempt to reach a legal compliance.According to Yahoo and Decrypt's conversations with more than 15 industry sources, many startups that were subpoenaed by the SEC did not know how to satisfy the commission's demands, and were unable to