Cryptocurrencies
Shady ICO Issuers Are Taking ‘Bags of Cash’ to Border, U.S. Says
- SEC’s Clayton gives strong warning on digital-token sales
- ICOs have raised $9 billion this year, surpassing 2017 record
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A top financial regulator gave a strong warning Wednesday that U.S. scrutiny of initial coin offerings is just getting started.
Securities and Exchange Commission Chairman Jay Clayton, speaking at a conference in New York, said companies raising money through digital-token sales shouldn’t have any illusions that the government will treat them differently than firms participating in traditional stock offerings. He added that the market deserves close attention because the SEC has already seen examples of fraudsters fleeing the country after persuading U.S. investors to back their ICOs.