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Capitol Report: SEC says no ICOs have been registered, but plenty may be coming through the back door

Securities and Exchange Commission Chairman Jay Clayton has repeatedly reassured the public that no initial coin offerings have been “registered” with the SEC, but plenty of them are coming onto the market through what could be a back door.

Potentially, these ICOs could get distributed beyond just accredited investors and into the hands of retail investors and consumers

A Form D is the notice filed by a company for an offering that is exempt from full SEC registration requirements. The key criteria for the Form D exemption is that only “accredited investors,” that is, individuals that have a net worth of over $1 million, or that have consistently made over $200,000 per year in income, or companies that have over $5 million in assets, can invest.

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