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Cryptoassets & Blockchain Legal News

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United States

ICO Pump-and-Dumps worry SEC’s head

September 28, 2017 by Beatrice OZANNE

According to Jay Clayton, the chairman of SEC the system of raising funds for development of blockchains by selling crypto coins can be vulnerable to “pump-and-dump” schemes, putting retail investors at risk.

Clayton’s opinion falls in line with the SEC’s latest activities which include the creation of a cyber unit tasked with, among other, “policing” cryptocurrencies which follows the agency’s intention to consider crypto tokens sales as securities offerings putting those under its jurisdiction.

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