SEC Official says, “ICOs Need Regulation”

SEC Official says, “ICOs Need Regulation”

SEC Official says, “ICOs Need Regulation”

$BTCUSD

  • The Regulators Want In!

Securities and Exchange Commission (SEC) Commissioner Robert Jackson said in a TV interview that the ICO (initial coin offering) system is representative of what the broader market might look like without any of the regulation that keeps it in check.

Mr. Jackson said, “If you want to know what our markets would look like with no securities regulation, what it would look like if the SEC didn’t do its job? That answer is the ICO market.”

He continued, “What I’ll say about Bitcoin, in general, is that space has been full of troubling developments. Investors are having a hard time telling the difference between investments and fraud,” Mr. Jackson said.

The commissioner’s comments echoed similar sentiments from SEC Chairman Jay Clayton, who has previously said he has yet to encounter an ICO token that does not represent a security.

Currently, Bitcoin is trading at: $9,071.9951,+101.38, or +1.13%, as of 6:15a BST, the market is open.

 The Federal Trade Commission (FTC) plans to host a workshop in June aimed at better educating consumers on the prevalence of cryptocurrency scams.

In a statement this week, the FTC said its “Decrypting Cryptocurrency Scams” event will include commentary from members of law enforcement, consumer advocacy groups and private-sector businesses geared toward exploring “how scammers are exploiting public interest in cryptocurrencies such as Bitcoin and Litecoin and to discuss ways to empower and protect consumers.”

The workshop will be held in Chicago on 25 June. It is free to the public and is scheduled to begin at 1:00p CDT and be broadcast on the FTC’s website, the FTC said.

Stay tuned…

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