As many as 80 subpoenas and RFIs have been sent by the Securities and Exchange Commission (SEC) with one lawyer describing one of the filings as “hyper-detailed,” and “hellish” for a normal person to respond to.
The subpoenas and RFIs are part of the commission’s probe into ICO mechanism. Among the information requested by the SEC are lists of investors, emails, marketing materials, organizational structures, and others. In addition to ICO organizers, some exchanges and investors were also targeted.
It’s unclear how many such requests have been sent and what the ultimate goal of the campaign is, with some speculating that it might be SECs way of scaring the industry.