The Regulators Of Wall Street Have Taken Numerous Actions Against Cryptocurrency Companies

Two Wall Street regulators have announced a series of actions, including charging fines, against cryptocurrency-related companies in a flurry of activity reflecting efforts to monitor a popular and unregulated asset class.

Cryptocurrencies, like the well-known bitcoin, are virtual tokens that can be used as forms of payments in various online applications. They can also be sold on special Internet exchanges.

Securities regulators have strengthened their control over the nascent asset class, noting that some tokens can be considered securities, which will make them issue, sell, and trade in accordance with Federal laws.

The Chairman of the U.S. securities and exchange Commission, Jay Clayton, said in February that he believes that most of the sales of new tokens, known as initial coin offerings, should be considered securities. However, the SEC has not specifically classified which coins are securities.