The Commission on securities and exchange Commission (SEC), the United States started an extensive investigation popular mechanism for attracting investments in the cryptocurrency ICO, reports the Wall Street Journal.
Reportedly, the SEC, in order to gather information, sent a number of summonses technical companies and consultants relevant to the cryptocurrency market. In particular, the Agency is reviewing the original proposal coins (ICO) and how they are structured. Unlike public offerings (IPO) , ICO is not governed at the appropriate level —according to the report.
According to sources, the aim of the SEC checks were so-called simple agreement for the sale of future tokens (simple agreements for future tokens, SAFT) used in some of the most popular ICO. These agreements give investors the opportunity to purchase the rights to the tokens before they can be sold, and later either sell them or exchange for a share in the profits of the company hosting the ICO. The SEC believes that such agreements we are talking about a structure similar securities, however, strict rules for this market are not met.
Bitcoin could not react to such news. The price of the flagship cryptocurrency fell to 10 358 USD in early trading on Thursday, according to CoinMarketCap. Since then, Bitcoin has rallied, and at the time of publication was trading at 10 $ 888.
In late December, the Bitcoin first saw the growth rates in the range of $ 20,000 against the backdrop of increasing investor interest. And the beginning of February it was waiting for a major price drop to $ 6000, and many believed in the bubble. It is because of these wild fluctuations caused by the actions of the authorities and the opinion on the need for market regulation .
This is not the first time the SEC has turned its attention to the market of digital currency. In January, Jay Clayton, Chairman of the SEC, emphasized that although “harassment by the Agency of violations,” there is a “significant risk” of no return lost investment traders.
We will remind, earlier the head of the SEC promised not to interfere with technological progress, but to prosecute anyone who violates the securities laws.