Ethereum (ETH) Fell Below $500

Ethereum crashed under $500 yesterday after SEC Enforcement Division Co-Director, Stephanie Avakian, made the announcement that the agency was investigating “dozens” of crypto companies involved in unregistered ICO’s.

This week during an Investment Adviser Association conference held in Washington D.C, Avakian confirmed that the agency was taking further action against non-compliant crypto companies involved in ICOs, in a bid to provide better consumer protection, after subpoenas were issued to several startups back in February. On July 25th 2017, the SEC ruled in a DAO token report that digital assets were to be considered securities under U.S law and were therefore subject to the relevant legislation. Under this report any crypto startup which wishes to issue tokens via an ICO must register with the SEC in a bid to increase regulatory presence in this heavily scrutinized area.

Reference: https://www.investing.com/news/cryptocurrency-news/ethereum-eth-fell-below-500-as-sec-continues-ico-investigations-1347684

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