The Securities and Exchange Commission does a lot of things when it comes to regulating the financial world. In its annual report Friday it detailed just how much of that was related to shutting down illegal initial coin offerings.
According to the report, in its fiscal 2018, which ended Sept. 30, the SEC had brought over a dozen enforcement actions involving digital assets and ICOs. “While many of these cases have involved allegations of fraud, the [Enforcement] Division also has pursued enforcement actions to ensure compliance with the registration requirements of the federal securities laws.”
The SEC’s enforcers opened dozens of investigations involving ICOs and digital assets, many of which continue. In addition, in both fiscal year 2017 and 2018, the SEC “suspended trading in the stock of over a dozen publicly traded issuers because of questions concerning, among other things, the accuracy of assertions regarding their investments in ICOs and operation of cryptocurrency platforms.”