US regulators are struggling to reign in illegal cryptocurrency offerings


Regulators are in uncharted territory trying to regulate illegal cryptocurrency public coin offerings, US officials told Congress today. Securities and Exchange Commission (SEC) chairman John Clayton had harsh words for those dodging SEC regulations today at a Senate banking committee hearing: “Many ICOs [initial coin offerings] are being conducted illegally. Their promoters and other participants are not following our security laws,” Clayton said. “Some people say that’s because the law isn’t clear. I do not buy that for a moment.”

Clayton and J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), testified today in front of members of the US Senate banking committee and answered their questions on...

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via The Verge - Tech Posts "http://ift.tt/2E5vC43"

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