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Five important facts about cryptocurrencies from the SEC Chairman

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Many have heard of people building their homes and getting rich, or have lost their savings when investing in cryptocurrencies. Naturally, this attracted the attention of regulators, including the Securities and Exchange Commission (SEC), whose chairman expressed his point of view on the situation. Jay Clayton (SEC Chairman) shared his thoughts on the cryptocurrencies and ICO, which are squeezed to five main points.

SEC: Celebrity ICO support is "potentially illegal"

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The US Securities and Exchange Commission (SEC) issued a statement that calls public support for various ICO celebrities of all kinds "potentially illegal" and warns that "stars" who thus advertise tokens may be held responsible for violating federal securities laws. In a joint statement issued by the SEC's special unit dealing with violations in the ICO and the SEC Office for Supervision and Verification, it is written that public support for celebrity ICO potentially violates the rules for securities regulation, since they do not properly disclose the source and amount of compensation paid for an advertising campaign.

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