South Korea: major cryptocurrency exchanges Upbit, Korbit, Coinplug, Coinone, and two more platforms fined by the government in the range of $10,000 to $100,000 for having poor security measures.
The government is really starting to regulate the market.https://t.co/JaYeFE9zTw
— Joseph Young (@iamjosephyoung) January 24, 2018
Given the crazy run cryptocurrencies like bitcoin, ether and litecoin have been on in the last week, it was only a matter of time before the Securities and Exchange Commission weighed in. Well, now it has in the form of an open letter from SEC Chairman Jay Clayton.
Clayton addresses his comments to both Main Street investors and financial services and market professionals that are selling the new financial products — and he has choice words for both.
The statement yields three main principles. For investors, it’s buyer beware. For market professionals: coin offerings are securities. And for market makers: you may be in violation of U.S. securities laws if you’re not registered with the SEC and selling some of these securities.
How does a government react when faced with #ICO disruption? Here are four options…
— Fintech Singapore (@FintechSIN) December 6, 2017