The Securities and Exchange Commission is telling investors to ask their cryptocurrency platforms 13 questions to weed out the “”potentially unlawful” ones.
In a statement released yesterday, the SEC released 13 questions for investors to ask as a means of identifying crypto trading platforms that could be illegal and thus dangerous to investors.
See the list of questions here.
Following the SEC’s statement, the price of bitcoin dropped 9% below $10,000. Today, bitcoin is still trading below $10K at $9,400, down 7%, according to Coinbase.
Of course, this is not the first time the SEC voiced concerns over cryptocurrency trading. Only last month, with the SEC along with Commodity Futures Trading Commission (CFTC), made known their “cautiously optimistic” outlook on the prospects of technological innovation associated with cryptocurrency aka Distributed Ledger Technology, but remained skeptical of ICOs and cryptocurrency trading as well as acknowledged the dangers owed to gaps in regulation in the overall crypto-world.