ICO News: SEC chairman Jay Clayton: “I applaud our fellow regulators”

Jay Clayton, chariman of the SEC (U.S. Securities and Exchange Commission), has publicly applauded a cryptocurrency crackdown effort carried out by regulators in the United States and Canada. The operation, named ‘Operation Crypto Sweep’, targets cryptocurrency fraud. It’s a joint task force that includes the U.S. and Canada.

ICO News: SEC chairman Jay Clayton: “I applaud our fellow regulators”

“I applaud our fellow regulators...”

Jay Clayton ICO

Clayton said, in a statement released May 22: “I applaud our fellow regulators in the United States and Canada who are coordinating and participating in efforts to police fraud in the Initial Coin Offering (ICO) markets.”

“These state and provincial regulators play a critical role in protecting Main Street investors.”

He added: “The enforcement actions being announced by NASAA should be a strong warning to would-be fraudsters in this space that many sets of eyes are watching, and that regulators are coordinating on an international level to take strong actions to deter and stop fraud.”

“Many Eyes Are Watching”

Operation Crypto Sweep was launched in April 2018 under the oversight of the North American Securities Administrators Association (NASAA).

During the past month, Operation Crypto Sweep has carried out an impressive 70 investigations into potential cryptocurrency scams and fraudulent ICOs in 40 jurisdictions across the United States and Canada.

NASAA president Joseph P. Borg said the task force has sent numerous cease-and-desist letters to potential scam artists and promised that more enforcement actions will be forthcoming. 

He said: “The actions announced today are just the tip of the iceberg.”

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