Maryland Attorney General Brian E. Frosh Informs About Participation In Operation Cryptosweep

Maryland Attorney General Brian E. Frosh has recently announced that the state regulators will be taking part in a crackdown initiative called Operation Cryptosweep.

According to the Attorney General's office, since the beginning of the year,

“35 enforcement actions against Initial Coin Offerings (ICOs) and cryptocurrency-related investment products have been completed by state and provincial securities regulators in the United States and Canada.”

The regulatory initiative was launched in 2018. Back then, more than 40 state and provincial securities regulators in the United States and Canada started their coordinated action against the ICO market. While most of the investigations involved suspected securities fraud, other violations were noted as well, such as failure to register a product before offering it to investors.

Fast forward to now, the initiative has resulted in over 330 inquiries and investigations and at least 85 enforcement actions related to initial coin offerings (ICOs) or cryptocurrency investment products. Frosh said:

“Cryptocurrency investments are risky. Investors should be extra cautious when dealing with promoters who claim their offering does not have to be registered with securities regulators. Quick returns of 150% are as rare as Bigfoot. Make sure to do independent research on the product before you invest.”

Prior to this, New Jersey had joined a task force dedicated to exploring blockchain use, after Governor Phil Murphy signed bill S2297 into law. The task force is dedicated to exploring the risks and benefits of using blockchain and distributed ledger technology.

It also aims to study public blockchain, private blockchain, and consensus algorithms. The task force is going to be helmed by New Jersey’s current Chief Technology Officer Chris Rein, who is famous for his pro-crypto stance.

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