The SEC is probing cryptocurrency companies with initial coin offerings

The Securities and Exchange Commission sent subpoenas in recent weeks to dozens of tech companies and individuals who are involved in cryptocurrency, The Wall Street Journal reported Wednesday evening, citing anonymous sources.

The targets of the subpoenas include companies that have launched initial coin offerings (ICOs), the cryptocurrency equivalent of IPOs, as well as their lawyers and advisers. The subpoenas reportedly include requests for information on how ICO sales and pre-sales are structured, the anonymous sources told WSJ. The SEC is also requesting the identities of the investors who bought digital tokens, The New York Times found. The SEC declined to comment.

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Author: Shannon Liao

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