![]() ![]() A list of sample questions that may be helpful is attached.Īs with any other type of potential investment, if a promoter guarantees returns, if an opportunity sounds too good to be true, or if you are pressured to act quickly, please exercise extreme caution and be aware of the risk that your investment may be lost. If you choose to invest in these products, please ask questions and demand clear answers. We have issued investor alerts, bulletins and statements on initial coin offerings and cryptocurrency-related investments, including with respect to the marketing of certain offerings and investments by celebrities and others. If any person today tells you otherwise, be especially wary. The SEC also has not to date approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies. Investors should understand that to date no initial coin offerings have been registered with the SEC. ![]() Market professionals – including, for example, broker-dealers, investment advisers, exchanges, lawyers and accountants – whose actions impact Main Street investors.Ī number of concerns have been raised regarding the cryptocurrency and ICO markets, including that, as they are currently operating, there is substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation.This statement provides my general views on the cryptocurrency and ICO markets and is directed principally to two groups: The answers to these and other important questions often require an in-depth analysis, and the answers will differ depending on many factors. Are there substantial risks of theft or loss, including from hacking?.Are the trading markets fair? Can prices on those markets be manipulated? Can I sell when I want to?.Is the offering legal? Are those offering the product licensed to do so?.Is the product legal? Is it subject to regulation, including rules designed to protect investors? Does the product comply with those rules?.They also present investors and other market participants with many questions, some new and some old (but in a new form), including, to list just a few: These markets are local, national and international and include an ever-broadening range of products and participants. The cryptocurrency and ICO markets have grown rapidly. We are hearing the familiar refrain, “this time is different.” There are tales of fortunes made and dreamed to be made. The world’s social media platforms and financial markets are abuzz about cryptocurrencies and “initial coin offerings” ( ICOs).
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