The Securities and Exchange Commission has issued dozens of subpoenas to technology companies and advisers involved in cryptocurrencies.
The US Securities and Exchange Commission is pursuing a broad investigation into ICOs, one in which numerous subpoenas and requests for information have been issued to a number of blockchain startups, according to The Wall Street Journal. The SEC apparently wants insight into the moving parts that comprise both the ICO and the pre-sale leading up to the public crowdsale.
In the subpoenas, the SEC is reportedly requesting information from issuers such as the “structure” of both token sales and ICO pre-sales, according to the Journal. While both ICOs and initial public offerings (IPOs) are fundraising methods, the former is much more loosely regulated. ICO issuers disclose a white paper, comprised of details for how that project sees the world, and having to register with regulators would slow down the fundraising process.