SEC Chairman Issues Public Statement in Support of NASAA’s ‘Cryptosweep’

contentjunkie (73)in #cryptocurrency • 6 years ago

From NewsBTC

The head of the SEC has released a statement today in support of yesterday’s ‘cryptosweep’ — a joint effort between 40 U.S. and Canadian financial regulators to curb fraud in the cryptocurrency and ICO markets.
SEC’s Clayton: Public Statement
Jay Clayton, the U.S. Securities and Exchange Commission (SEC) chairman posted posted the public statement on the agency’s website.

In it, he discusses the importance of taking proactive measures to protect ‘Main Street investors,’ explains the importance of concise regulation in financial markets, and talks about the recent ‘fake ICO’ site, HoweyCoin. This was launched by the SEC’s Office of Investor Education and Advocacy to alert consumers to common red flags associated with the fundraising method.

“I applaud our fellow regulators in the United States and Canada who are coordinating and participating in efforts to police fraud in the Initial Coin Offering (ICO) markets. These state and provincial regulators play a critical role in protecting Main Street investors,” Clayton writes.

Operation Cryptosweep
Operation Cryptosweep was announced yesterday. The goal of the coordinated effort from the North American Securities Administrators Association (NASAA) is to target scams and fraudulent offerings in the cryptocurrency space.

The market has reacted to this news by selling bitcoin hard and the price dove today. I'm not worried though, crypto will come out stronger for this. Getting rid of scammers is a good thing. We will see this price bounce back as long as Mt Gox doesn't come in and dump hard again. Unfortunately selling the bottom is something they do and end up pushing it down even lower.

I wonder how far up EOS's ass they are right now? With billions raised I'm guessing EOS is target #1 for making sure everything is on the up and up even if they aren't registered in the USA.