‘ICOs Are Absolutely Securities’ Says Former SEC Boss Amid Crypto Boom

Details

Publish Date:
November 27, 2017
Author(s):
  • Buck, Jon
Source:
The Cointelegraph
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Summary

Joseph Grundfest, commissioner for the Securities and Exchange Commission (SEC), and now Stanford Law professor, says that Initial Coin Offerings are an almost comedic violation of securities law, and should absolutely be regulated immediately. He’s so convinced, in fact, that he has been contacting the current administration to pursue them. He said:

“ICOs represent the most pervasive, open and notorious violation of federal securities laws since the Code of Hammurabi… We’re waiting to see a whole bunch of enforcement actions in this space, and we wonder why they haven’t happened yet. I hope what they are doing is planning on a sweep of 50 ICOs.”

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