The US Securities and Exchange Commission (SEC), announced that it has brought a total of 56 court cases related to Initial Coin Offerings (Icon), digital assets, and blockchain technology since the issuance of an investigation report in July 2017.
The SEC mentioned that it has also halted 18 suspected frauds related to cryptocurrencies in the last three years. The commission released a report named ‘Selected SEC Accomplishments’ on its website to show the achievements of more than 4,500 individuals working in different departments of the authority.
In the section related to cyber misconducts, the SEC explained the violations regarding digital assets and cryptocurrencies. “SEC has brought 56 cases invoIcong Icon, blockchain or distributed ledger technology, and/or digital assets since the July 2017 issuance of an investigative report regarding the offers and sales of digital assets. Among others, cases involved efforts to defraud investors through the use of digital asset securities as well as violations of the registration provisions of the federal securities laws in the offer and sale of digital asset securities, ” the official document states.
The cyber unit in SEC’s division of enforcement is completely focused to explore violations related to digital currencies and cyber-related trading violations. The commission issued an investigative report in 2017 related to DAO tokens.
“The accomplishments are a testament to the 4,500 women and men of the SEC and their unwavering, collective commitment to the SEC’s mission to protect investors, maintain fair, orderly, and efficient markets and facilitate capital formation. The Main Street investor-focused achievements of the Commission outlined above are impressive by any measure, but particularly when considered in light of the unprecedented professional and personal challenges currently facing the members of our team and the investing public we serve, ” says Jay Clayton, Chairman at the SEC.
The commission also highlighted over 2,750 enforcement actions since May 2017. The SEC obtained over $14 billion in financial remedies and paid around $565 million to the whistleblowers in the same period.