SEC eyes crackdown on cryptocurrencies

The Securities and Exchange Commission (SEC) is cracking down on FinTech companies issuing initial coin offerings (ICOs), and has served dozens of subpoenas and information requests.

The regulatory action is the latest in a series of warnings related to the multi-billion cryptocurrency market and the sale of digital tokens, which in some cases may violate federal laws, according to the Wall Street Journal.

The SEC declined comment on the report.

Cryptocurrencies, or digial tokens such as bitcoin, Ether and Ripple, are based on blockchain technology and have existed in a regulatory gray area that allows for cross-border transactions that are far more efficient than traditional fiat-based currencies such as dollars or euros.

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