COs “High On Radar” Of US SEC – Regulator Source
As markets wait for the US Securities and Exchange Commission
(SEC) to address ICOs, a source has confirmed that ICOs remain “high on their radar.” Quoted by Reuters on Wednesday, a regulator who asked to remain anonymous confirmed the Commission was eyeing the wildly popular fundraising instrument. “I know that this is something that’s high on their radar,” the source confirmed.
The speed and unprecedented success of ICO campaigns have brought both joy and sorrow to cryptocurrency and Blockchain investors. Such are the sums involved in the now $90 bln market that many began fearing early on that it would not be long before regulators became involved. “It's like painting a target on yourself. Because, what does an organization like the SEC regulate? They regulate IPOs,” Coin Center’s Peter Van Valkenburgh told a recent conference panel.
In a guidance Van Valkenburgh published with Coin Center in May, he had noted US authorities should give more concrete statements regarding the legal status of ICOs. “FinCEN should clarify that certain token sales are not currently subject to regulation under the BSA,” he wrote. “Should there be a desire to regulate these activities, FinCEN must engage in a formal rulemaking.” Recent examples of ICOs notably include Bancor, which needed less than four hours to raise $153 mln in its sale on June 12.