RATE Group | Wall Street regulators take multiple actions against cryptocurrency firms
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Wall Street regulators take multiple actions against cryptocurrency firms

12 Sep Wall Street regulators take multiple actions against cryptocurrency firms

Posted at 05:30h in Cryptocurrency News by

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NEW YORK (Reuters) – Two Wall Street regulators on Tuesday announced a series of actions, including levying fines, against companies involved with cryptocurrencies, in a flurry of activity reflecting efforts to monitor the popular and unregulated asset class.

A sign for the Financial Industry Regulatory Authority (FINRA) is seen outside the offices in New York’s financial district July 22, 2015. REUTERS/Brendan McDermid/File Photo

Cryptocurrencies, like the well-known bitcoin, are virtual tokens that can be used as forms of payments on a variety of online applications. They can also be traded on dedicated online exchanges.

Securities regulators have intensified their scrutiny of the nascent asset class, noting that some tokens may be considered securities, which would make their issuance, sale and trading subject to federal laws.

U.S. Securities and Exchange Commission Chair Jay Clayton said in February he believed most of the sales of new tokens, known as initial coin offerings,…

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