SEC will be concentrating on Cryptocurrency and ICO Fraud as a Top Priority

1416 Total Views

Cryptocurrency and ICO Fraud to be controlled by SEC as the Higher Priority

The financial inspectors of the Security Exchange Commission announced their top priorities at the beginning of the year in order to improve the compliance, prevent fraud in the ICO and Cryptocurrency markets which takes place.

SEC Priorities for 2018

According to the reports, SEC will be concentrating on Cryptocurrency and ICO Fraud as Top PriorityThe US Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE). Particular topics will be listed this year on matters including critical market infrastructure, duties to retail investors, and developments in cryptocurrency, initial coin offerings, and secondary market trading. The investigators will continue to control the growth of cryptocurrencies and initial coin offerings (ICOs) and test registrants involved in their offer and sale to assure that investors receive sufficient disclosures regarding the risks associated with these investments.

SEC Chairman Jay Clayton told:

“I appreciate OCIE’s dedication to maximizing the effectiveness of their resources with a keen eye toward asset verification, market infrastructure, and duties owed to retail investors.”

OCIE Director Pete Driscoll told:

“As the markets continually evolve and the products and services available to investors adapt, OCIE remains committed in its risk-based examination program to prioritizing the interests of retail investors and examining those aspects of securities firms posing risks to investors and the proper functioning of our capital markets.”

Protecting Retail Investors

SEC will concentrate on Cryptocurrency and ICO Fraud as Top PriorityIn the program document. the regulators explain that the cryptocurrency and ICO markets have grown rapidly and presented a number of risks for retail investors. Along with the growth of these products and markets, the number of broker-dealers and investment advisers engaged in this space continues to grow as well. They will constantly control the sale of these products, and where the products are securities, examine for regulatory compliance.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.