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SEC Shuts Down More Than 12 ICOs in One Year

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SEC Shuts Down More Than 12 ICOs in One Year

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The US Securities and Exchange Commission (SEC) has continued its crackdown on Initial Coin Offerings (ICOs) and claimed to have shut down more than a dozen of them in the last fiscal year alone. The last fiscal year ended on September 30 of this year and it appears that the watchdog is not ready to dial things down when it comes to Initial Coin Offerings in the country.

According to an official report, three of the closed ICOs raised more than $68 million from investors before they were finally shut down by the authorities. Overall, the SEC got more than $3.945 billion in fines and penalties during the same time period. While the SEC is not just cracking down on ICOs, the tone and aggressive attitude towards the crypto startups was much more pronounced than other companies.

According to the report:

“Given the explosion of ICOs over the last year, we have tried to pursue cases that deliver broad messages and have a market impact beyond their own four corners,”

The report also noted that the new Division of Enforcement and its Cyber Unit formed at the end of last year has helped it with its pursuit of “cyber-related misconduct” which includes cryptocurrencies for sure.

The report also mentions ICOs and that many of them are under federal investigation and cases are still pending against them. SEC is also going against unauthorized digital asset brokers in the country, thus keeping a firm oversight over the entire cryptocurrency scene.

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