Financial watchdogs are going through the cryptocurrency market with a 'fine tooth comb'

pulse

January 19, 2018 9:53 PM

A statement by the SEC and CFTC emphasized the agencies would crackdown on any entity in the digital coin space that isn't compliant.

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."

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):

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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