On August 28, 2018 the North American Securities Administrators Association (NASAA) announced that more than 200 active investigations of Initial Coin Offerings (ICOs) and cryptocurrency-related investment products are currently underway by state and provincial securities regulators in the United States and Canada as part of NASAA’s ongoing initiative “Operation Cryptosweep.”
NASAA reports that since its launch in May of 2018, cross border regulatory focus has resulted in 46 enforcement actions involving ICOs or cryptocurrency-related investment products.
Some of the enforcement investigations initiated as part of Operation Cryptosweep involve suspected securities fraud, other investigations involve potential violations of state and provincial securities laws, including failure to properly register a product before it was offered to investors.
NASAA is a voluntary association whose membership consists of 67 state, provincial, and territorial securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico.
For more information, please call Barbara Hendrickson at BAX Securities Law – 416.601.1004.
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