Amid Increased Enforcement Activity, SEC Reportedly Issues Cryptocurrency Subpoenas
According to recent news reports, the US Securities and Exchange Commission (SEC) issued subpoenas to as many as 80 entities and individuals involved in the virtual currency space over the last several months. News of the subpoenas follows months of increasing enforcement activity by the SEC and other regulators targeting virtual currencies and initial coin offerings (ICOs). It also follows repeated public statements by the Chairman of the SEC that the agency intends to focus its scrutiny on this area. Participants in the cryptocurrency and ICO arenas should keep abreast of these developments and should, as needed, consult counsel experienced with enforcement by the SEC and other regulators.