SEC to Focus on Crypto and ICO Fraud

SEC Office of Compliance Inspections and Examinations Announced 2018 Examination Priorities concerning Cryptocurrency and ICO Fraud
09 February 2018   1533

Every year SEC Office of Compliance Inspections and Examinations publishes their examination priorities in order to improve compliance, prevent fraud and monitor risk. This year, inspectors will focus on crypto and ICO fraud.

The financial inspectors of the SEC announced examination priorities on February 7 of 2018. The inspectors will monitor the growth of cryptocurrencies and initial coin offerings (ICOs). Also, they will focus on matters involving critical market infrastructure, duties to retail investors, and developments in cryptocurrency, initial coin offerings, and secondary market trading.

Jay Clayton, SEC Chairman, appreciates 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.

According to the document, the cryptocurrency and ICO markets have grown rapidly and presented a number of risks for retail investors that is why the regulators will continue to monitor the sale of these products, and where the products are securities, examine the regulatory compliance.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   98

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.