The North American Securities Administrators Association (NASAA) announced: “Operation Cryptosweep” – a coordinated enforcement action targeting fraudulent initial coin offerings (ICOs), Commodity Futures Trading Commission (CFTC) Chair J. Christopher Giancarlo delivered a speech to NASAA members.

Within his prepared remarks, Giancarlo stated; “We applaud NASAA on a new program [Operation Cryptosweep] being announced today. It complements the CFTC’s on-going virtual currency investigations with NASAA members.”

Regulators in the United States and Canada announced as many as 70 investigations into cryptocurrency investment products at an event hosted by the North American Securities Administrators Association (NASAA) earlier this week.

The chairman of the US Securities and Exchange Commission, Jay Clayton, announced in a statement on May 22nd, where he praises for lawmakers and law enforcers who have been actively working towards developing crypto-related policies: “I applaud our fellow regulators in the United States and Canada who are coordinating and participating in efforts to police fraud in the Initial Coin Offering (ICO) markets. These state and provincial regulators play a critical role in protecting Main Street investors.”

NASAA members from over 40 jurisdictions have contributed in Operation Cryptosweep. Approximately about 70 inquiries and investigations and 35 pending or completed enforcement actions have been taken since the beginning of May.

Additional enforcement actions may be forthcoming – not to mention the many that took place prior to this month. In their defense, NASAA says that not every ICO is fraudulent but the group urges the public to remain vigilant regarding possible acts of fraud.

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