Clayton addresses his comments to both Main Street investors and financial services and market professionals that are selling the new financial products — and he has choice words for both.
A tl;dr of the statement yields three main principles. For investors, it’s buyer beware. For market professionals: coin offerings are securities. And for market makers: you may be in violation of U.S. securities laws if you’re not registered with the SEC and selling some of these securities.
‘Enforcement 40’ for 2020
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