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SEC subpoenas TechCrunch founder's cryptofund amid broader investigation into digital coins

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The U.S. Securities and Exchange Commission has subpoenaed TechCrunch founder Michael Arrington's $100 million cryptofund in a broader investigation into the cryptocurrency world.

"We received a subpoena. Every [crypto]fund I've talked to has received one," Arrington said in a phone interview with CNBC on Thursday.

"That's fine. They just have to figure out what they want," Arrington said. "They need to set up rules so we can all follow them, and the market is begging them for that."

It's unclear whether securities laws apply to digital coins. The SEC has indicated the regulations do apply, but has not formally laid out how developers can comply. That's left cryptocurrency firms to rely on self-disclosure and lawyers to try to distinguish themselves from the many scams. Sometimes it also means banning U.S. investors from officially participating.

In the meantime, the commission has stepped up its efforts in the last several months to gather information on the cryptocurrency world, which has attracted billions of dollars in the last year. On Wednesday, The Wall Street Journal reported, citing sources, that the SEC has issued "scores of subpoenas," including requests for information about sales of new digital coins.



Source :- cnbc
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