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First announced in May of this year, the Operation "Cryptosweep Operation" of the North American Securities Administrators Association issued about 47 enforcement actions against Initial Coin Offerings (ICO) and cryptocurrencies – and now the initiative has confirmed investigations on over 200 further initiatives.
In a press statement, the president of NASAA and the director of the Commission for Security of Alabama Joseph P. Borg argued that "The regulators of state and provincial securities are committing important regulatory resources to protect Investors from financial damages involving fraudulent ICOs and cryptocurrency investment products and also sensitizing industry participants to their regulatory responsibilities "
In particular, several Ico's were issued with warnings and lawsuits – at the time. beginning this month, the US Securities and Exchange Commission (SEC) announced that it has suspended all activities of the creator of Tomahawkcoin due to fraudulent behavior regarding its ICO.
The move followed the previous efforts of this year, where the SEC issued a blitz of citations and accusations to several ICOs
Borg elaborated to the press that the cryptocurrency firms would no longer be able to present their offers "in the void" – saying that "… State and provincial laws or regulations, in particular the laws on titles, could be applied Sponsors of these products should seek the advice of an expert legal counsel to make sure that They do not clash with the law, and a strong culture of compliance should be in place before, not after, these products are marketed to investors. "
Operation Cryptosweep should continue with the assistance of regulators state and local both at home in the United States, and abroad.
The SEC – in addition to other international regulators – could have their work cut out for them. The research component of the Satis Group, a cryptocurrency consulting firm and ICO, has published new researches at the start of this year – stating that a shocking 81% of all ICOs detected in 2017 have been identified as scams.
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