As we previously reported, in May 2018, more than 40 state and provincial securities regulators in the United States and Canada launched a coordinated enforcement sweep of the ICO market dubbed “Operation Cryptosweep.” On August 28, 2018, the North American Securities Administrators Association (“NASAA”) published a press release with an update on the progress of this initiative. According to NASAA, more than 200 active investigations of ICOs and cryptocurrency-related investment products are currently underway, and blue sky regulators have brought 46 enforcement actions to date. NASAA President and Alabama Securities Commission Director Joseph P. Borg noted that while some of the investigations initiated as part of Operation Cryptosweep involve suspected securities fraud, blue sky regulators are also finding many other potential violations of state and provincial securities laws, including failure to properly register a product before it was offered to…
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