DD Support Board and Research Team

[1manband]

SEC Chairman fires another ICO warning shot

This one warns the "Gatekeepers" for not doing their job when it comes to ICO's, and new "overnight" blockchain companies. Just one more sign that a big SEC crackdown on newly minted ICO penny stocks is coming....soon. The Chairman could not be more blunt in his remarks about such companies.

https://www.sec.gov/news/speech/speech-clayton-012218

"Before I move on to the next topic I want to raise one more narrow, distributed ledger or "blockchain"-related legal issue by means of a hypothetical. I doubt anyone in this audience thinks it would be acceptable for a public company with no meaningful track record in pursuing the commercialization of distributed ledger or blockchain technology to (1) start to dabble in blockchain activities, (2) change its name to something like "Blockchain-R-Us," and (3) immediately offer securities, without providing adequate disclosure to Main Street investors about those changes and the risks involved. The SEC is looking closely at the disclosures of public companies that shift their business models to capitalize on the perceived promise of distributed ledger technology and whether the disclosures comply with the securities laws, particularly in the case of an offering."