‘Operation Cryptosweep’ Actively Investigating 200 ICOs and Cryptocurrency Firms
An international task force targeting securities violations in the cryptocurrency industry has now opened active investigations into more than 200 initial coin offerings (ICOs) and investment products.
First launched in May by the North American Securities Administrators Association (NASAA), “Operation Cryptosweep” has already brought 47 enforcement actions against ICOs and firms offering cryptocurrency investment products in the U.S. and Canada, earning praise from Securities and Exchange Commission (SEC) Chairman Jay Clayton in the process.
Eleven of those enforcement actions have been levied by regulators in Texas, with the State Securities Board reporting that it had halted schemes “in which companies claimed to have raised billions of dollars from investors.”
Joseph Rotunda, director of enforcement at the Texas State Securities Board, said an in emailed statement that the investigation had turned up a “staggering” amount of illegal activity in the cryptocurrency space, ranging from ICOs that had deceptively used the likenesses of actress Jennifer Aniston and Supreme Court Justice Ruth Bader Ginsburg in their marketing materials to investment promoters who had used stock videos to make it appear like the company was running three cryptocurrency mining farms.
Source and full article: ccn.com
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