Partner Robert Long is quoted in the Reuters article titled, “Watchdogs begin to bite on ICO fundraisers.” The piece discusses a push by the U.S. Securities and Exchange Commission (SEC) to become more active in the estimated $2 billion initial coin coffering (ICO) market – a method of raising funds for cryptocurrency ventures. In July, the SEC issued a notice indicating that some cryptocurrencies and “tokens” may be subject to federal securities laws, rules, and regulations. As detailed in the article, the SEC and other international regulators have advised investors to be wary of fraudulent schemes and a possible lack of legal recourse for ICO investments. Long commented, “The SEC is on the hunt for non-compliant ICOs.”
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