International cooperation is essential for eradicating ICO fraud, Steven Peikin of the SEC said. The ICO market ‘exploded from a mere concept to a phenomenon’ growing 22,000% between 2016 and 2018. And with that growth came a massive increase in fraudulent activity. ‘The sponsors of ICOs are, in many cases, outside the United States’ he said. ‘And international cooperation is critical in our ability to investigate and, where appropriate, recommend that the Commission bring enforcement action.’
- Will international authorities be able to work together to fight ICO fraud?
Cryptocurrency SEC ICO
International cooperation is essential to eradicate ICO fraud, said Steven Peikin, co-director of the enforcement division of the Securities and Exchange Commission.
Peikin made the remarks during a speech on the International Financial Systems Program of the Harvard Law School on 3 December, where he discussed the amazing growth of the ICO market.
“In many cases, ICO sponsors are outside the United States,” said Peikin. “And international cooperation is crucial to our investigative ability and, where appropriate, recommends that the Commission take enforcement action.”