Many expected that the SEC decision would serve as an impetus for launching the process of legislative regulation of activities with cryptocurrencies and blockchain, ICO and crypto-exchanges. However, the Commission decided to start with the main issue – financing and reporting projects. The new rules will take effect from November 2018.
According to the press release, since the beginning of 2018, the Commission has launched a large-scale study of the ICO scope and its sources of funding. According to Commission’s investigation and based on negotiations with companies’ representatives, that offer the initial tokens, the activity of most companies fell under suspicion. The main claims of SEC are that many companies were not able to provide accredited investors with participation in the ICO.
It also turned out that several companies agreed to return the funds to investors and pay a fine. At the same time, other start-ups say they are in limbo. They do not understand how they can meet the SEC requirements and how their colleagues will address these issues.
The Commission in its press release noted that it qualifies almost all ICOs as securities offers. Thus, the already existing rules of financing, accumulation of funds, financial reporting of securities should apply to all ICO-projects.