From Reuters via US News & World Report, March 23:
The U.S. Securities and Exchange Commission on Thursday issued an investor alert warning that firms offering crypto asset securities may not be complying with U.S. laws.
Unregistered offerings of such securities may not provide important data, including audited financial statements, for informed decision making, the SEC said.
The securities watchdog has been cracking down on the crypto industry, which its chair has called a "Wild West" riddled with misconduct. Its efforts gathered pace after November's collapse of Sam Bankman-Fried's cryptocurrency exchange FTX.
Crypto exchange Coinbase announced on Wednesday that it had received a Wells notice - a formal declaration that SEC staff intend to recommend an enforcement action.
In its investor alert, the SEC also warned investors about "proof of reserves" services...
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As noted in March 13's "Barney Frank Sees Crypto as Common Element in New Bank Failures" (SI; SBNY: SIVB:And just like that crypto in America became unbanked.
Or, as one of the best equity analysts I've ever met might say: "A pattern appears to be emerging."
