SEC: crypto industry has made progress in understanding legislation

The chairman of the department said that there were significantly less “blatant” abuses of the securities law and called the condition under which blockchain projects could be approved by the Commission.

The crypto industry has made progress in understanding securities laws, said Jay Clayton, chairman of the US Securities and Exchange Commission (SEC), during the Blockchain Infrastructures conference in Washington. According to him, earlier, during the ICO boom in 2017 and 2018, there were many problems, reports Bloomberg Law.

“Many entrepreneurs believed that they could raise funds by issuing a description of their project and asking for money without confirming information about investors … I don’t think anyone looked at securities laws at all, studied our site,” Clayton said.

The SEC will support entrepreneurs using IEO and other cryptocurrency financing tools if they register their digital assets with the agency, the chairman of the financial regulator added. According to a Satis Group analyst firm published last year, 80% of ICOs with a capitalization above $ 50 million are fraudulent.

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