- The SEC and CFTC released a joint statement about the cryptocurrency market Friday.
- The statement said the two agencies would crackdown on any entity in the digital coin space that isn't compliant.
- Michael Arrington, an adviser to blockchain startup aelf, told Business Insider the SEC is going through projects in the space with "a fine tooth comb."
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Financial watchdogs are going through the cryptocurrency market with a 'fine tooth comb'
A statement by the SEC and CFTC emphasized the agencies would crackdown on any entity in the digital coin space that isn't compliant.
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The SEC and CFTC are paying closer attention to the digital coin market.
The Securities and Exchange Commission and Commodities Futures Trading Commission released a joint statement Friday emphasizing their commitment to take action against fraud in both cryptocurrencies and the initial coin offering market.
Here's the full statement (emphasis ours):
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Recently, Arrington was named an adviser to aelf, a Singapore-based blockchain company with operations in China. He said that governments in Asia are concerned about loses in the crypto space disrupting other areas of the markets, but there is a massive amount of focus on advancing blockchain tech on the continent.
"I always focused a bit on China, where we've seen the market mature so fast," Arrington said. "There is a huge amount of enthusiasm and focus on these technologies."
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