The SEC is cracking down on small-time “initial coin offerings,” but the mega ICOs are here to stay

The US Securities Exchange Commission on Sept. 29 charged two companies running “initial coin offerings” (ICOs) with fraud and selling unregistered securities. Both firms were run by Maksim Zaslavskiy, who was also charged with defrauding investors. The regulator said Zaslavskiy claimed his tokens were backed by real estate and diamonds, but that wasn’t the case. The SEC said he had raised $300,00 from investors.

Initial coin offerings have raised nearly $2 billion this year, with...

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