US: SEC Official Confirms "Handfuls" of Cryptocurrency Probes

The US Securities and Exchanges Commission (SEC) Enforcement Division Co-Director Stephanie Avakian affirmed that the organization is leading "handfuls" of examinations in the digital money space, Bloomberg BNA reports March 15.

Avakain's remarks take after press reports in late February that the SEC has sent subpoenas to organizations associated with crossing paths with securities laws by means of their contribution in Initial Coin Offerings (ICOs). Avakian stated, "We are extremely dynamic, and I would simply hope to see to an ever increasing extent."

Through the span of the previous year, the SEC has increase its activities against crypto-related organizations it sees as parading securities laws. The commission has brought the greater part twelve activities against organizations since September 2017, concurring Bloomberg.

On March seventh the SEC discharged an announcement reminding digital currency exchanging stages that they fall under the locale and administrative domain of the SEC, and accordingly, must enlist as trades. In February 2018, SEC oversight brought about the exchanging of three distinct organizations being suspended because of "questions" in regards to connections to digital money.

The administrative system for digital forms of money in the US stays vague. As Chief Legal and Risk Officer at Coinbase Mike Lempres brought up in a declaration before Congress on March 14, the major money related administrative bodies can't concede to the idea of digital currency. The SEC thinks of it as a security, the Commodity Futures Trading Commission (CFTC), looks at tokens as a ware, the Internal Revenue Service (IRS) views tokens as property, while the Financial Crimes Enforcement Network (FinCEN) think about tokens cash.