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CFTC warns consumers against crypto / ICO pump and dump schemes

See the Advisory here: 

http://www.cftc.gov/idc/groups/public/@customerprotection/documents/file/customeradvisory_pumpdump0218.pdf

Their advice?

 Don’t purchase digital coins or tokens because of a single tip, especially if it comes over social media.

 Don’t believe ads or websites that promise quick wealth by investing in certain digital coins or tokens.

 Do not participate in pump-and-dump trades; market manipulation is against the law and many participants end up losing money.

 There is no such thing as a guaranteed investment or trading strategy. If someone tells you there is no risk of losing money, do not invest.

FinTech4Good Blockchain Incubator will be Launched at the DC Digital Asset Investment Forum on Feb. 20th, 2018 

The 2018 Digital Asset Investment Forum (DAIF), organized by FinTech4Good, will be held on February 20th, 2018 in Washington D.C. This will be the second forum of FinTech4Good’s DAIF global series in the year of 2018, after the successful launch of the Digital Asset Leadership Committee in the first DAIF in New York.

https://medium.com/@EnergoLabs/fintech4good-blockchain-incubator-will-be-launched-at-the-dc-digital-asset-investment-forum-on-f0d931966453 

... being launched by CfPA's very own Xiaochen Zhang. 

Interesting article about the ICO "enablers" 

https://www.bna.com/sec-man-cometh-n57982088366/ 

Some interesting takes: 

"Clayton has repeatedly targeted ICO attorneys in recent remarks, and signaled potential action against practitioners." 

Enforcement SweepsEnforcement action could come in “sweeps” of cases against multiple ICOs and their attorneys announced all at once, Stark said. If past is prologue, the SEC’s enforcement actions in the ICO space are likely to start with “the low-hanging fruit” of attorneys whose advice aided ICO clients in securities fraud or unlawful investments, he said.

SAFT: A Questionable Remedy
There’s disagreement in the ICO advisory community over how to comply with securities laws. The “Simple Agreement for Future Tokens,” or SAFT, has emerged as one of the most prominent mechanisms to satisfy SEC regulations and facilitate investments.

It would be interesting to get more lawyers publicly sharing their perspective on the pros/cons of SAFTs.  

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You have to give the folks in Berkeley credit for thinking outside the box. Looks like they're pioneering a new "Initial Community Offering" to combat homelessness. 

http://www.dailycal.org/2018/02/07/berkeley-use-blockchain-technology-combat-homelessness/

SEC Chairman Jay Clayton's testimony before the Committee on Banking, Housing, and Urban Affairs / United States Senate /
February 6, 2018

Key quotes:

"There should be no misunderstanding about the law. When investors are offered and sold
securities – which to date ICOs have largely been –they are entitled to the benefits of state and
federal securities laws and sellers and other market participants must follow these laws." 

"... many promoters of ICOs and cryptocurrencies are not complying with our
securities laws and, as a result, the risks are significant."

"... we are open to exploring with Congress, as well as with our federal and
state colleagues, whether increased federal regulation of cryptocurrency trading platforms is
necessary or appropriate. We also are supportive of regulatory and policy efforts to bring clarity
and fairness to this space."

https://www.banking.senate.gov/public/_cache/files/a5e72ac6-4f8a-473f-9c9c-e2894573d57d/BF62433A09A9B95A269A29E1FF13D2BA.clayton-testimony-2-6-18.pdf