Winter for blockchain token sales? SEC swoops on ICOs

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Winter for blockchain token sales? SEC swoops on ICOs

In 2015, Overstock launched a crypto exchange called tZero, which said previous year it's looking to raise $250 million by offering digital tokens.

Bitcoin slipped about 2 percent following a report that the US Securities and Exchange Commission (SEC) is investigating the digital currencies market.

The SEC is getting up close and personal with companies that have raised ICOs, according to a new report.

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According to the Wall Street Journal the SEC has issued subpoenas and information requests to several companies that have issued an Initial Coin Offering (ICO) recently.

"To me, people overreact to the blanket SEC investigation and they should focus on the successful presale of the ICO", said Marc Cohodes, an independent investor and long-time short seller who announced his positive turn on the stock in the fall.

A "dramatic upturn in enforcement activity" can be expected, stated the Journal, and at least a dozen ICOs have been put on hold since the SEC probe began.

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The reason for this distinction, according to Cammarata, goes back to a conversation the regulator had had with executives at Overstock about the company's decision to file the token issuance as a Reg. D exemption according to SEC guidance.

In February 2018, the Division of Enforcement of the SEC informed the Company that it is conducting an investigation in the matter Re:, Inc. "There should be no misunderstanding about the law". "When investors are offered and sold securities - which to date ICOs have largely been - they are entitled to the benefits of state and federal securities laws and sellers and other market participants must follow these laws".

Clayton also addressed exchange-traded funds (ETFs) in cryptocurrency. During an address to the US Senate, Clayton said that the majority of ICOs have been securities.

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