US SEC Looks Into 80 Cryptocurrency Companies
CNBC reported that the US Securities and Exchange Commission (SEC) has started to look into a series of cryptocurrency companies. Allegedly, the SEC has sent subpoenas to 80 cryptocurrency businesses. An interesting thing to mention is that among those companies is the cryptofund created by the founder of TechCrunch, Michael Arrington.
80 Cryptocurrency businesses targeted by the SEC
In fact, the CNBC learned about the fact that the SEC was looking into cryptocurrency businesses from Arrington. Arrington told the media provider that he received a subpoena from the US regulator. He also revealed that the same has happened to every other cryptocurrency fund he had contact with.
However, this does not mean that Arrington is too worried about the SEC's action. In fact, he claimed that there is no issue with getting such a subpoena. He said that it is important for the government to find out information about the market and realize what they want.
“We received a subpoena. Every [crypto] fund I’ve talked to has received one. That’s fine. They just have to figure out what they want. They need to set up rules so we can all follow them, and the market is begging them for that.”
For the moment, it remains a bit unclear how securities laws function in regards to digital currencies. The SEC has previously said that the same regulations apply, but the whole process has not been formalized for the moment. However, what is certain is that the SEC is willing to obtain more information about cryptocurrencies.
In fact, it has been reported that in the past few months, the agency has intensified its efforts to obtain information about the cryptocurrency world. The process is expected to continue throughout the coming months.
