The North American Securities Administrators Association ("NASAA") reported that through its Operation Cryptosweep Initiative, regulators opened "130 new investigations into questionable cryptocurrency-related investment offerings and have 35 pending or completed enforcement actions since the beginning of this year."
NASAA stated that Operation Cryptosweep, which formed in April 2018, "has resulted in 85 pending or completed enforcement actions involving ICOs or cryptocurrency-related investment products and approximately 330 inquiries or investigations by securities regulators from U.S. states and Canadian provinces."
NASAA also stated it is releasing a new video for retail investors on common crypto investment schemes and how to guard against them. The video raises red flags for investors regarding volatility, a lack of recourse and the untraceability of many of these crypto-related investments.
The North American Securities Administrators Association warned investors of the risks associated with initial coin offerings.