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Despite S.E.C. Warning, Wave of Initial Coin Offerings Grows
Source: New York Times
Despite S.E.C. Warning, Wave of Initial Coin Offerings Grows
By NATHANIEL POPPER AUG. 7, 2017
SAN FRANCISCO — The cautionary words of American regulators have done little to chill a red-hot market for new virtual currencies sold by start-ups.
The Securities and Exchange Commission late last month issued its first warning for the many entrepreneurs who have been raising money by creating and selling their own virtual currencies in what are called initial coin offerings. At that point, hundreds of projects had raised more than $1 billion.
Yet even after the commission said it was looking closely at projects that may violate its rules, programmers are still embarking on new offerings at a torrid pace. Most of the offerings have little legal oversight and some appear to conflict with the commission’s basic advice.
“The broader detail and the silences in the report should give many people pause and that doesn’t seem to have happened yet,” said Emma Channing, the general counsel at the Argon Group, which helps projects in the industry raise funds. “I don’t understand why everyone isn’t as concerned as I am.”
-snip-
By NATHANIEL POPPER AUG. 7, 2017
SAN FRANCISCO — The cautionary words of American regulators have done little to chill a red-hot market for new virtual currencies sold by start-ups.
The Securities and Exchange Commission late last month issued its first warning for the many entrepreneurs who have been raising money by creating and selling their own virtual currencies in what are called initial coin offerings. At that point, hundreds of projects had raised more than $1 billion.
Yet even after the commission said it was looking closely at projects that may violate its rules, programmers are still embarking on new offerings at a torrid pace. Most of the offerings have little legal oversight and some appear to conflict with the commission’s basic advice.
“The broader detail and the silences in the report should give many people pause and that doesn’t seem to have happened yet,” said Emma Channing, the general counsel at the Argon Group, which helps projects in the industry raise funds. “I don’t understand why everyone isn’t as concerned as I am.”
-snip-
Read more: https://www.nytimes.com/2017/08/07/business/dealbook/initial-coin-offerings-sec-virtual-currency.html
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