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CFTC, SEC issue joint enforcement warning on virtual currencies

Joe Mont | January 19, 2018

A new warning regarding virtual currencies was issued on Jan. 19 by the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The joint statement, regarding virtual currency enforcement actions. was issued by CFTC Enforcement Director James McDonald and SEC Enforcement Co-Directors Stephanie Avakian and Steven Peikin

 “When market participants engage in fraud under the guise of offering digital instruments – whether characterized as virtual currencies, coins, tokens, or the like – the SEC and the CFTC will look beyond form, examine the substance of the activity, and prosecute violations of the federal securities and commodities laws,” they wrote. “The Divisions of Enforcement for the SEC and CFTC will continue to address violations and to bring actions to stop and prevent fraud in the offer and sale of digital instruments.”

The CFTC has issued a Customer Advisory on the Risks of Virtual Currency Trading “to inform the public of...

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