Chairman Clayton’s warnings to gatekeepers are not unprecedented—the SEC has issued such warnings before. But those warnings have teeth because of the Commission’s consistent history of following warnings with enforcement actions against attorneys and other gatekeepers. Only time will tell, but attorneys and other gatekeepers would do themselves and their clients well to be familiar with Chairman Clayton’s warnings and the Prezioso framework for how the SEC decides to bring charges against lawyers, and to make and keep good records of the advice they provide to clients on ICO issues.
via Gatekeepers Beware: SEC Escalates Danger for ICO Counsel | New York Law Journal.
